Global Agenda Council on Russia 2012-2014
Having quickly recovered from the global financial crisis, Russia has consolidated its position as the highest ranked in ease of doing business among the BRIC nations (Brazil, Russia, India and China). With a large and expanding consumer market, abundant natural resources and strong telecommunications infrastructure, Russia remains a key market for outside investors.
The country’s ambition has always been to join the community of the world’s wealthiest industrialized nations. However, after many years of fast-paced growth, current projections put economic growth in 2013 at 1.4%. It is now clear that Russia’s economy is expanding at a slower pace and will continue to do so in the near future. Truly innovative solutions will be required if Russia is to avoid the middle-income trap. As Russia’s leaders consider avenues for reversing the downward trend, a sound foundation for sustainable growth will have to be built on greater efficiency, accountability and transparency of government services, investment in human capital, fostering of regional competitiveness and responsible stewardship of natural resource endowments. The economic, political and social developments underway in Russia are of great importance to the world community, given Russia’s accession to the World Trade Organization (WTO), presidency of the G20 in 2013, forthcoming Winter Olympic Games and chairmanship of the G8.
What the Council is doing about it
Following the presentation of the Scenarios for the Russian Federation at the World Economic Forum Annual Meeting 2013, the Global Agenda Council on Russia undertook the Russia’s Regions: Drivers of Growth project. The project focused on the proposition that, in an uncertain external environment and given the current level of economic development, the main driver of growth in Russia is improving institutions, and that Russia’s regions may be important actors in advancing institutional reforms. Serving as the main topic of discussion at the World Economic Forum Moscow Meeting in October 2013, close to 200 participants from government, business and civil society, including six regional governors and senior members of the federal government, came together to explore regional best practices. The conclusions from these meetings, as well as a further exploration of specific cases of best practice from the regions, will be integrated into the final report which will be launched and discussed at the World Economic Forum Annual Meeting 2014.
“It is now clear that Russia’s economy is expanding at a slower pace and will continue to do so in the near future. Truly innovative solutions will be required if Russia is to avoid the middle-income trap.”
After the report’s launch, the Council envisages to convene expert task forces to build on the recommendations. In the remainder of the 2012-2014 term, the Council will work with regional administrations, business and academia in conjunction with the federal government to implement the regional economic growth models and share the outcomes with BRIC countries.
To get involved please contact
Research Analyst: Liana Melchenko, Associate Director, Knowledge Management, Global Agenda Councils, email@example.com
Council Manager: Salvatore Freni, Community Associate, Eurasia, firstname.lastname@example.org
Forum Lead: Anastasia Aubakirova, Director, Head of Russia and CIS, email@example.com