If you are getting growth, you will have better security, better stability. The reason why security and stability gets impaired is when people feel they are not getting what is their right or due; they are not getting the kind of opportunities that should rightfully be theirs.
Russia has done quite well on the Doing Business index of the World Bank. In 2012, Russia was 120th, last year 40th, but if you look at the different elements of the index, there are areas where there is so much more that can be done for that spirit of competitiveness and private sector to grow and materialise.
Our key resource in Mother Russia is not oil, it’s people, it’s our human capital… We have people who are clever, well educated, eager to work.
They say some economies – including Russia – suffer from a resource curse. It is not a curse, though, but the ability of these countries to exploit opportunities that emerge as a result of exports.
The art of the state consists in cutting off the volatility potential of a resource-based economy in the event of a change in prices for certain raw commodities.
I don’t agree with the World Bank that Russian business is not innovative. Just look at Silicon Valley and what 75,000 ex-Soviet Union citizens – Russians, or Ukrainians, or Belarusians – are doing.
Private initiative is what really matters. Yet we cannot say that less regulation and fewer rules are always a good thing. Regulation must be smart, high-quality and correspond to the risks we face.
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