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Finance minister calls lack of competition source of problems in Russian economy

October 02, 2015, 10:53 UTC+3 SOCHI
After the country began receiving petrodollars, the ruble began strengthening and industries related primarily to the export of raw materials started developing
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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© Anna Isakova/Russian State Duma Press Office/TASS

SOCHI, October 2. /TASS/. The lack of competition has given rise to all the problems of diversification of the economy, Finance Minister Anton Siluanov said during Sberbank business breakfast at the International Investment Forum Sochi-2015.

"The lack of competition in recent years caused all the problems of diversification of the economy," the Minister said.

According to him, after the country began receiving petrodollars, the ruble began strengthening and industries related primarily to the export of raw materials started developing. "And other sectors were doing well, buying cheap imports for a strong ruble. This is the Dutch disease that we suffer from all the time and is now beginning to recover," the Minister said.

"Dutch disease" is the negative impact on an economy of anything that gives rise to a sharp inflow of foreign currency. The currency inflows lead to currency appreciation, making the country's other products less price competitive on the export market.

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