Putin discusses Russia’s economy growth with ministersBusiness & Economy September 24, 2:38
Lavrov warns against partition of SyriaRussian Politics & Diplomacy September 23, 0:00
Lavrov calls to coordinate Russian, US military action in SyriaRussian Politics & Diplomacy September 22, 21:05
Lavrov blames Obama administration for souring Russia-US tiesRussian Politics & Diplomacy September 22, 20:41
Waging war on Korean Peninsula inadmissible, says LavrovRussian Politics & Diplomacy September 22, 20:36
Russian Northern Fleet completes drills in ArcticMilitary & Defense September 22, 18:01
OPEC and non-OPEC countries to continue talks on oil production cut dealBusiness & Economy September 22, 17:28
Russian pair figure skaters Kavaguti, Smirnov retire from sportSport September 22, 16:48
Record number of delegations register for St. Petersburg-hosted IPU AssemblyRussian Politics & Diplomacy September 22, 16:47
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.