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Thursday, March 15, 2018

Experts have estimated “the best way to overcome the sanctions,” Putin

The Russian authorities were able to stabilize the national economy – said Vladimir Putin, speaking at the Congress of “Business Russia”. The President is very optimistic said that now the government’s goal is to achieve steady growth. Thus, according to the President, freedom of doing business is the best response to sanctions aimed against the national economy. We asked the experts about how justified the optimism of GDP.

According to the President, for the growth of the Russian economy it is necessary to promote export, to provide affordable credit to business, to build relations between private entrepreneurs and state-owned companies. As far as it is feasible and what tools can be used?

photo: kremlin.ru

Mikhail Belyaev, chief economist of the Institute of stock market and management:

The Russian economy really stabilized somewhat. In particular, this is evidenced not very wide swings of the ruble. Moreover, now there are already some signs that we leave on a trajectory of growth – for example, in the agricultural sector, the military-industrial complex.

Vladimir Putin has listed all the tools needed in order to reach a sustainable growth rate. We need and export, and credit. However, you need to Bank ceased to fight inflation, and attended to the creation of jobs and economic growth. This is call in the International monetary Fund and the European Central Bank.

When talking about the partnership of business and government, here we are talking primarily about the public-private partnership released in the West. Moreover, it is used in various fields. For example, in infrastructure projects. In Russia only there have been steps in this direction.

Also, you should think about how to attract resources of the population in non-banking financial sector. And not due to “spillover” funds from credit institutions on the stock market. We are talking about money, which is now kept citizens under the mattress”.

Nikita Isaev, the Director of the Institute of contemporary Economics:

“The target is to achieve a stable growth of the economy requires a decisive revision of the current government’s approach to economic development. So far, neither in promoting exports, any increase in the availability of credit products, no normal relations between private businesses and state-owned companies are seen.

First and foremost, this situation is due to the fact that we have a lot of independent Executive bodies, whose tasks all included, and clear and effective mechanisms of interaction between them. Each Ministry, office, Agency or Corporation trying to do something alone, everyone develops their programs and pursuing their goals. And often it is the pursuit of the financial statements, but not for the actual results.

The Bank does not have a goal the development of our economy. Everything comes down to economic development. But how can you try to rebuild the economy without an effective monetary policy?

From the Bank point of view, the Central Bank issues a bit: the assets under management grow, the tools are selected with maximum ratings (same us bonds, around which so much controversy). That’s just all this does not help economic development.

The first step is to conduct a continuous audit of the duties of all Executive authorities to eliminate the duplication of responsibilities or, conversely, to coordinate efforts, as in the case of the Ministry of economic development and the Central Bank. To perform tasks voiced by the President, is necessary and create complex plans with a single, simple and understandable key performance indicators”.


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