Russian stagnation: By 2020, Russia’s share of global GDP will be the smallest in the country’s history, according to former Minister of Finance Alexei Kudrin. “We are doomed to GDP growth of between 0.5% and 1.5% after 2016,” he says in an interview in today’s Kommersant , “and that implies stagnation.” By 2020, he predicts Russia’s contribution to world GDP will be at an all-time low of 2.6%.
In the interview, Kudrin calls on the Kremlin to accelerate reform of the business environment in order to diversify the economy. “The main challenge for the government today is structural reform [in the fields of] budgetary, judicial, and law enforcement and the reform of state-owned companies. This is the only way to reduce dependence on oil and provide access to sustainable growth.”
Russian stagnation to last to at least 2020, warns Kudrin
Former Finance Minister Alexei Kudrin
Source: Lenta