The World Bank Gave Russia Recommendations on Accelerating Economic Growth
OREANDA-NEWS. Russia should revise the policy of import substitution, support the service sector, create a national institution to attract investment in order to achieve economic growth and integrate into global value chains. Such recommendations are contained in the World Bank’s report on the Russian economy, examined by the newspaper Izvestia.
In addition, Western economists advise to reduce import duties, abandon outdated rules of technical regulation and pay attention to protecting the rights of investors.
So far, Russia cannot be considered as 100 % involved in international trade and the network of foreign direct investment, which means that it has untapped potential, the World Bank’s report says. According to experts, a step towards such integration carries many benefits for Russia, since it will allow us to achieve national goals, diversify the economy, increase gross domestic product and multiply the benefits of traditional trade.