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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.
Russia should aim for a gradual switch from a quasi-fixed exchange rate policy to inflation targeting. Not all conditions for adopting inflation targeting are yet in place, but preparations should be accelerated.
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.
The immediate challenge is to gauge the optimal amount and form of stimulus and support for banks, while safeguarding fiscal sustainability. Looking further ahead, tax reform can help raise potential growth rates.
Despite improvements, the banking system remains underdeveloped and crisis-prone. The current crisis, albeit painful, may yield restructuring and new regulatory approaches that will be positive in the long run.
Despite progress in recent years, there is growing evidence that OECD countries are not on track to reach some of their key environmental goals. This report examines the strategies and instruments that governments use to ensure compliance with pollution prevention and control regulations.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
Brazil, Russia, India, Indonesia, China and South Africa (the BRIICS economies) have increased their share of world trade. To build on this progress, these countries should resist protectionism and revive stalled trade reforms, says this OECD study on globalisation.
In Brazil, Chile, China, India, Russia, South Africa and Ukraine, agriculture continues to play a vital role in employment and food security. This report monitors and evaluates government support to agriculture in these seven emerging economies during 2006-08.
In 2007, Russia’s international investment flows reached record highs, making Russia one of the world’s largest recipients and sources of FDI. Russia's potential for attracting even more international investment can be improved by strengthening beneficial competition and offering additional opportunities for investment. Disseminating international standard business practices among Russian firms can also boost the country's