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Kudrin: Russia's economy is stagnant

Kudrin: Russia's economy is stagnant
Photo: pixabay.com

The head of the Accounts Chamber, Alexei Kudrin, said that the Russian economy is now in a state of stagnation. To avoid this, structural reforms are needed.

According to RIA NewsIn the coming years, Russia will have to quickly move away from the oil-dependent economy. At the same time, budget expenditures on science and education should be increased by at least 1% of GDP. The same amount needs to be additionally directed to healthcare.

Alexei Kudrin also said that it is necessary to reduce the regulatory burden on the business by at least half. And in the regions it is necessary to create large economic agglomerations. The lack of political decisions and structural reforms prevents the Russian economy from getting out of stagnation.

At the same time, according to the head of the Accounts Chamber, if the economy due to a pandemic by the end of the year "falls" by 5%, then over five years the growth will be only 1% of GDP. This is the smallest growth of the Russian economy in recent decades. In total, since the 90s, growth has been about 30%, which is very small by world standards.

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