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Russia enjoyed a decade of strong growth until mid-2008, but has since been gripped by a severe recession. The near term challenge is to limit the severity and duration of the downturn. Looking beyond the crisis, the overarching challenge is to put in place a sounder growth model driven by innovation, investment, and the accumulation of human capital. This will require reforms in many areas, but this chapter focuses on a few key challenges: 1) strengthening the macroeconomic policy framework; 2) improving the functioning of the financial system; and 3) raising the levels of competition throughout the economy via streamlined state involvement and lower barriers to entry.