The Russian Economy Today

The Russian economy today

Russia has got a new president and a new cabinet recently. In this connection Russian entrepreneurs express their thoughts and expectations in open discussions about the Russian economy today.

The Russian economy is based on the output of oil, gas and metals mostly. During the first three months of this year GDP grew up to 4.9%. The Russian national debt is rather low but the budget depends on the high oil prices. There is no doubt that structural reforms will be the only way for the economic growth. The reforms could improve business and investment environment as well as severe measures against bureaucracy and corruption. The president of the Russian Federation V. Putin set an ambitious task to create a favourable environment for business practices in Russia and move Russia from the place 100 to 20 before 2018 (Doing Business).

pie chartHowever inflation growth (up to 6%) will continue stimulate the growth of the prices of imported consumer products and services. The Russian government predicts the average inflation of 4-5%.

The existing system of federal programmes and allocation of funds for small business does not function in favour of entrepreneurs for whom it is not easy to attract investments for their business projects. They believe that the state should not participate in business but just perform as software. Today Russian entrepreneur 90% of his time does courier work doing all the paper work to be able running his actual business.

The problem is not in money itself but in the cost of energy, tax burden, cost of renting, connection of communications -all that is a state business.

The banks are doing right: they consider the projects and provide credits.

The main point is the demand of the market, and the market is huge and open for consumer goods and services.

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