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What Package Plan up to 2025 does Russia need?

Author

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  • Aganbegyan, Abel G.

    (Russian Presidential Academy of National Economy and Public Administration)

Abstract

The article shows that the resumption of socio-economic growth after the stagnation and recession of 2013–2017 will be a much more difficult task than overcoming the crisis of 2009. The reasons for this are the absence of a post-crisis recovery, and the need to mobilize new sources of growth and overcome the forces that are pulling our economy down, including sanctions. The old sources of economic growth — high oil prices, foreign capital inflows, outstripping increase of the budget and loan funds — are a thing of the past now. As regards economic growth, the absence of an elementary coordination between different branches of the government is the main reason for stagnation and recession. The author justifies the need for a unified package plan of social and economic development which would cover the expanded consolidated budget, including regional indicators, the largest corporations controlled by the state (Gazprom, Rosneft, Russian Railways, Rosatom, Rostechnologies), state banks controlling 60% of all banking assets of the country, other non-budgetary enterprises, and organizations of federal, regional and municipal levels. It is shown that in 2013–2015, the absence of such a unified plan resulted in reduction of the state-controlled investments by 25%. In turn, this led the country to stagnation and recession. Based on the above, the country does not need a long-term program traditionally compiled by the Ministry of Economic Development in the form of a report with projected addressless indicators, but a real comprehensive plan with targeted indicators for enterprises and organizations controlled by the state; with a unified finance and credit (project) plan, including a specific investment program; with an innovative program; and with a system of incentive measures and structural reforms, including a tax reform.

Suggested Citation

  • Aganbegyan, Abel G., 2017. "What Package Plan up to 2025 does Russia need?," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 4, pages 8-29, August.
  • Handle: RePEc:rnp:ecopol:ep1741
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    References listed on IDEAS

    as
    1. D. Medvedev., 2015. "A New Reality: Russia and Global Challenges," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 10.
    2. V. Mau., 2016. "Anti-crisis measures or structural reforms: Russia’s economic policy in 2015," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 2.
    3. D. Medvedev., 2016. "Social and economic development of Russia: Finding new dynamics," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 10.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    package plan; investment program; innovative program; structural reforms; tax reform.;

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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