The share of oil and gas in Russian exports should be below 50%
Russia must increase its exports, since domestic consumption will fall in the coming years. The head of the Center for Strategic Research, ex-Minister of Finance Alexei Kudrin stated this today, speaking at the Gaidar Forum.
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“The share of non-commodity and non-energy goods should exceed 50% over the next 15 years. We have the opportunity to accomplish this task, but with a more active policy of supporting entrepreneurship,” Kudrin said.
He believes that under sanctions, Russia can only count on domestic investment, so the government must strive for low inflation. He sees the source of investment in the creation of various insurance and pension funds.
“In developed countries, such funds exceed 100-200% of GDP. In China and India more than 25%. We don't have them yet. By accumulating them, we will create a reserve for investment,” Kudrin said.
He believes that Russia needs to repeat its results from 2034-2000 by 2014, when labor productivity in the country increased by 52%, but in the context of low oil prices and other challenges.
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