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Breakthrough decisions in Russia’s economy will be made in next 3-4 years

September 29, 2015, 17:37 UTC+3 YEKATERINBURG
Russia has to look for new solutions to improve the economic situation and no longer rely on such mineral resources as oil, Russia's former economy minister believes
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© TASS/Sergei Fadeichev

YEKATERINBURG, September 29. /TASS/. Breakthrough decisions on improving economy will be made in Russia in the next three-four years, Academic Supervisor of the Higher School of Economics (HSE) Evgeny Yasin said on Tuesday.

"I think that breakthrough decision on improving the economic situation in the country will be made in the next three-four years. Before that, one should not hope for improvements," Yasin, who served as Russia’s economy minister in 1994-1997, said.

Russia has "already exhausted its investment potential which was accumulated in the 1990s and in the beginning of 2000s," Yasin said. "Now, we have to look for new solutions to improve the economic situation. What solutions? It is hard to answer this question. One thing is clear — one should no longer rely on such mineral resources as oil," the HSE Academic Supervisor said.

He added that Russia’s economic policy is rather balanced. "Now, it is necessary to complete market reforms that were started in the 1990s and 2000s so that we can have an absolutely market economy. It is hard to say whether we can achieve that," Yasin stressed.

"Russia needs long-term and global changes to which people can gradually adjust, for instance, to the new way of life or new economic policy. This is the only way to make improvements," he concluded.

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