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Monday, October 24, 2016

Kudrin will tell Putin what to do for the development of the Russian economy

Chairman of Center for strategic development Alexey Kudrin will propose to the President of the Russian Federation Vladimir Putin at session of Presidium of the economic Council on may 25, two concepts of economic development of the country.

As reported by “Vedomosti”, citing its own sources, Kudrin opposes budget to stimulate the economy. He believes that to ensure economic growth the country needed, first and foremost, reform the judicial and law enforcement systems. Vladimir Putin, the head of the Center for strategic research will present the concept of fiscal stimulus and fiscal consolidation with access to sustainable economic growth in three years.

Earlier, presidential aide Andrey Belousov reported that participants considered realistic to reach the economic growth of 4% after 2018.

Publishing sources say that Kudrin has a different opinion: he proposes to reduce the budget deficit to 1% of GDP, and inflation to 4% while spending for institutional reform. He believes that “it is not necessary to drive the country to economic growth in the coming years, there are no resources for this”.

In an interview with Harvard Business Review Alexey Kudrin also noted the problem of power pressure on business in Russia.

“Another issue that needs to be solved – violent pressure on business. Revenue audits, inspection, control, unjustified arrests, searches, raids exceeded reasonable limits. The President in his message in December said, from 200 thousand criminal cases on economic crimes, only 15% reached the court and ended with a verdict; more than 80% of cases these cases have led to partial or complete destruction of the business. Even if the President calls such numbers, it is possible to imagine the real scale of the problem”, – said Kudrin.

Earlier, the IMF predicted that the annual growth of the Russian economy in the long term without structural reforms will not exceed 1.5%, a similar forecast was given and the Ministry of Finance of the Russian Federation.

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