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Expert: Transition to supply-driven economy key task for Russia

January 18, 2014, 17:44 UTC+3 MOSCOW
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MOSCOW, January 18, /ITAR-TASS/. A transition to a supply-driven economy is a key task for Russia to solve now, Vladimir Mau, Rector of the Russian Presidential Academy of National Economy and Public Service, said at the Gaidar Form.

“A demand-driven economy means stimulating salaries and government investments,” he said, adding that Russia could afford this due to a stable budget.

However, he stressed that a demand-driven economy did not stimulate innovation.

A supply-driven economy means low budget expenditures, low inflation and low tax rates, the expert stated.

“While dealing with the crisis we did not launch any viable modernisation reform, and the Russian economy continues to be driven by demand,” Mau said.

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