Economic Policy 2.0: Ensuring Growth in Every Household
Over the past decade, Russia’s economic growth has lagged behind the global average. The political climate has certainly hampered growth in the country, but structural imbalances in the economy, namely the underdevelopment of the non-oil and gas sector amid volatility in the commodity markets remain key factors. The emergence of pockets of efficiency has not been enough to reverse the overall trend towards economic stagnation. Recovery from the pandemic and rebooting the global economy makes upgrading the development model essential. This can be achieved through a review of monetary and fiscal policy, along with new tools to support business, which began during the pandemic and should be continued. What solutions are required in terms of taxation, tariffs, finance, and macroeconomic policy in order to boost economic growth in every home in Russia, and can higher-quality development strategies be achieved at the regional and municipal levels?