Russia's Economy Minister Alexei Ulyukaev with the head of Russia's Central Bank, Elvira Nabiullina (photo: dpa)

Corruption and closed markets put the brakes on Russia’s economy

Growth forecasts for Russia’s economy were scaled down throughout 2013. Negative factors include a steady oil price, corruption, lack of investment, stagnant domestic consumption and a shrinking workforce. Reforms have been discussed for well over a decade, but very little has resulted and Economy Minister Alexei Ulyukaev says the nation faces 16 years of negligible economic growth.

<em>Russian President Vladimir Putin can look back at striking foreign policy successes in 2013, but he faced mounting economic problems at home. The vision of five per cent growth per annum has been replaced by a forecast of...

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Professor Stefan Hedlund
The bottom line is that the Russian economy probably could live up to President Putin’s vision of maintaining a respectable rate of growth at around five per cent for some time
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