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| 15 мая, 2013

Putin’s fulfilment of his obligations to society will only be possible given economic growth

Putin’s fulfilment of his obligations to society will only be possible given economic growth, - told .Valery Fadeev, member of the Expert Council of the Foundation of Civil Society Development (FCSD) talks on the Russian people’s economic expectations with regard to Vladimir Putin. However, the Ministry of Economics predicts that the GDP growth for the foreseeable future will be only 1-2% which is catastrophically low if the May presidential decrees are to be successful.

Putin’s fulfilment of his obligations to society will only be possible given economic growth. However, the Ministry of Economics predicts that the GDP growth for the foreseeable future will be only 1-2% which is catastrophically low if the May presidential decrees are to be successful.

Innovative mechanisms for economic growth are in place, but the state of the economy means that they cannot be fully implemented. Fadeev believes that the call to develop the innovative and post-industrial sectors (as discussed, for example, in ‘Strategy 2020’) is untenable. The economies of the most developed countries of the world are based on the real life sector. In Europe in particular, industrial production is on average from 6-10 times higher than in Russia. In the US, the manufacture of furniture alone is 25 times higher than in Russia.

At the present time, Russia is looking at various strategies for economic development. The most promising proposal comes from the new leadership of the Ministry of Economy which is calling for the development of the domestic market as opposed to reliance on industrial exports. The Ministry wants to rely more on medium-sized businesses which at present are not competitive because of far more complex operating conditions (high rents, big loans, high utility bills etc) than in Europe and Southeast Asia.

‘I am confident that solutions will be found because these calls are recognised by many people in the ruling stratum, in business, among intellectuals and now, thank God, among economists too’ said Fadeev. He considers that this is a dangerous time for the Russian economy, but hopes that by the end of the year, policies will be in place which will allow Russia to pass into a ‘trajectory of fast growth.’