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In the 16 years since the OECD began conducting Economic Surveys of the Russian Federation, a great many policy recommendations relating to structural reform and framework conditions have been made.
This paper uses the OECD’s indicators of product market regulation (PMR) to assess the extent to which the regulatory environment in Russia supports competition and to draw attention to the areas where further reform efforts would pay dividends.
This paper discusses the policy imperatives in the short term, in the face of the ongoing economic crisis, and reforms that could be implemented over the longer term to improve the efficiency and resilience of the financial system and raise Russia’s potential growth rate.
Despite improvements in some areas, many aspects of Russia’s regulatory framework are still restrictive and economic performance could be enhanced by bringing regulation into line with best practices.
After a decade of rapid growth, Russia has fallen into recession. The near term challenge is to limit the extent of the downturn, while beyond the crisis, a sounder growth model should be put in place.
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A major challenge of economic transition in central and eastern European countries is creating the institutional framework crucial to market operation. OECD Economic Studies No. 25.