Revise the policy of import substitution, support the service sector, create a national institution to attract investment – these and many other measures should be taken by Russia in order to achieve economic growth and integrate into global value chains. Such recommendations are contained in the World Bank’s report on the Russian economy (available to Izvestia).
In addition, it is advisable to lower import duties, abandon outdated technical regulation rules and pay attention to protecting the rights of investors, Western economists are sure.
So far, Russia cannot boast of 100% involvement in international trade and the network of foreign direct investment, which means that it has untapped potential, says the World Bank report. According to economists, a step towards such integration carries many benefits for our country – it will allow us to achieve national goals, diversify the economy, increase GDP and multiply the benefits of traditional trade.
The Ministry of Economic Development, upon the request of Izvestia to comment on the data of the report, stated that a special emphasis in ensuring GDP growth was placed on supporting investment activity through the implementation of large projects, as well as on developing exports and competition, increasing labor productivity, supporting key sectors of the economy, etc. …
Read more in the exclusive material of Izvestia:
For the sake of speeding up: the World Bank advised the Russian Federation to curtail import substitution