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Adapt and transform
The fourth day of the V Russian Economic Congress ended with a roundtable “Economic Policy with the View to Transform Russian Economy.”
“Adaptation of the Russian economy to sanctions is only the first stage of its restructuring,” says Alexander Shirov, director of the Institute for Economic Forecasts under the Russian Academy of Sciences. As soon as Russian business fills the niches vacated after Western companies pulled out the country, the time will come to adapt science and production to replenish the shortage of those goods that Russia does not yet produce itself and cannot import from friendly countries. The total share of such goods is, according to various estimates, 10-15%.
“We need to complicate our economy,” explained Alexander Shirov. “First, we re-build production ties and this leads to the growth of skilled jobs. This is important because one job, for example, in the IT sector can bring as much to the economy as three jobs in other industries.”
As Oleg Buklemishev, associate professor at the Department of Macroeconomic Policy and Strategic Management of the Faculty of Economics of Moscow State University, noted, the Russian private sector shows miracles of adaptability to changing economic conditions. However, it requires clear coordination of efforts on the part of the government, since the absence of structural policies threatens the formation of monopolies, the strengthening of the raw materials sector, and other trends negative for the economy.
Experts named the structural priorities for the transformation of the Russian economy as “pumping” and retraining of labor resources from those sectors where there is an excess of them to those where more competent specialists are objectively needed, a shift away from specialization in energy resources, and concern for the welfare of the country’s population, including through inflation targeting .
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