On the quality of macroeconomic policy, Russia occupies a leading position among the emerging markets
Minister of Economic Development of the Russian Federation Maxim Oreshkin during a visit to Washington (USA) held a meeting with representatives of the investment community.
Maxim Oreshkin noted that the Russian economy has entered a phase of sustainable recovery. "Starting from the second quarter of this year, GDP growth rates on average exceed 2 percent," he said.
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At the same time, the head of the Russian Ministry of Economic Development stressed the significant progress achieved in the field of macroeconomic policy. "In terms of the quality of macroeconomic policy, Russia occupies a leading position among the emerging markets," he said. International investors confirmed that, in their opinion, the Russian economy is one of the most reliable directions for investing among emerging markets.
According to the Minister, the improvement of expectations is also contributing to the recovery of the economy, which is reflected in Russia's progress in business ratings. In the Doing Business rating of the World Bank, in recent years Russia has risen from 120 to 40, significantly improving its positions. "We expect further improvement in the ratings," he added.
Maxim Oreshkin noted that low inflation opens up opportunities for lowering interest rates and launching a new long-term credit cycle. He made an analogy with the situation in the US economy in the early 1980s, when a slowdown in inflation opened up opportunities for credit expansion over the next 30 years. "We are now also at an early stage of a long credit cycle. But it is important not to allow a repeat of the mistakes of 2011-2012, when the lending was concentrated in the consumer sector. Therefore, the key task of macroeconomic policy now is the formation of a "proper" credit cycle, "he said.
Answering the question of international investors about the limitations of the Russian economy and ways to overcome them, the Minister described as one of the priorities of economic policy support for investment activity, noting that a key challenge in this regard see the attraction of private capital and bank loans for new projects. This task should be solved by the mechanism of the project financing factory based on VEB. At the same time, Maxim Oreshkin stressed that this mechanism is fundamentally new and does not imply that Vnesheconombank will assume financial risks. The Institute will become a platform for the development and implementation of projects.
Another direction is the increase in labor productivity, necessary to neutralize negative demographic trends. The head of the Russian economic department drew attention to the important role that the generation change in the Russian labor market will play in this process. "Russia will be the first country where most of the leading posts will be occupied by the" millenials ". This will radically change the way the economy works, what kind of policy is being implemented, "he said.