The New Economic Povestka* (NEP): The What, the How, the Who?
Over the past several years, Russia has built a solid macroeconomic foundation. Inflation and unemployment are at record lows, there is a fiscal surplus, and international reserves are growing. Yet experts only estimate the potential for growth between 1.5% and 2% annually. What do these figures mean? They indicate an economy that is trailing behind, and a growing gap in relation to developed countries. As a result, acceleration of the economy will be at the top of the new government’s povestka. And a sharp acceleration can only be achieved by digitization and introduction of modern technologies. The government will have to accomplish a technological transformation, preserve the confidence of people and businesses, and most importantly, build an effective and efficient system of public management. Without this, such a transformation will be impossible. What set of reforms could accelerate economic growth to 3–4% annually? How can we build a modern system of public management? Who will implement the new economic povestka?
* Povestka means ‘agenda’ in Russian. The abbreviation NEP was originally used in Soviet Russia in 1922–1928 for the New Economic Policy.
Herman Gref, Chief Executive Officer, Chairman of the Executive Board, Sberbank