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News & Events
News
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12-Dec-2011
Fiscal policy has been mostly prudent and Russia’s budgeting procedures are relatively advanced, but a reduction in the non-oil deficit is needed, along with a framework that better protects against the danger of policy becoming pro-cyclical.
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12-Dec-2011
A key aspect of the business climate, insofar as it bears on the performance of the economy as a whole, is the degree to which it facilitates competition. The OECD’s product market regulation (PMR) indicators, which measure the extent to which policy settings promote competition in markets for goods and services where competition is viable, suggest that such policy settings remain relatively anti-competitive in Russia.
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12-Dec-2011
Following the pattern of output, aggregate labour productivity in Russia fell disastrously from 1990 to 1998 and then increased rapidly until 2008. It dipped in the crisis year of 2009 and then began to recover. In 2010 labour productivity was a little over 30% of the upper half of the OECD countries.
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12-Dec-2011
Russia has one of the most energy-intensive economies in the world. The high degree of energy intensity, combined with relatively carbon-intensive energy use, results in Russia accounting for a disproportionately large share of global carbon emissions. Moreover, low energy efficiency contributes to poor air quality, and Russia has one of the highest rates of premature mortality attributable to air pollution in the world.
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12-Dec-2011
One factor impeding competitive pressures on incumbent firms is Russia’s relatively restrictive trade and foreign investment regimes. The government should take a range of additional steps to liberalise international trade and investment.
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12-Dec-2011
A critical factor undermining the business climate is corruption, which various indicators confirm to be a serious burden on business in Russia. Transparency International’s Corruption Perception Index suggests that Russia is perceived to be more corrupt by far than any OECD country, and is both the most corrupt BRIICS country and the most corrupt country in Europe.
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12-Dec-2011
Global financial turmoil, centred on the euro zone, has affected Russia’s financial markets and driven increased capital outflows, but with the oil price remaining high, the OECD’s projection remains one in which annual growth over the next two years is close to potential of around 4%.
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12-Dec-2011
The Russian economy is being modernised and per capita incomes are converging towards OECD levels, but the pace of catch-up could be increased up with determined efforts to raise energy efficiency and improve the business climate, especially via reduced corruption and strengthened rule of law.
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28-Nov-2011
Decisive policies must be urgently put in place to stop the euro area sovereign debt crisis from spreading and to put weakening global activity back on track, says the OECD’s latest Economic Outlook.
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22-Nov-2011
The Czech Republic has an energy- and carbon intensive economy. This poses a risk to public health and energy security, increases the burden of agreed emission targets and might also mean foregone opportunities for growth. Strengthening incentives for better use of energy and streamlining sectoral support programs would be essential.
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