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US think tank: Russia’s authorities can do a lot to accelerate economic growth

June 24, 2:48 UTC+3 WASHINGTON
The authors of the report said the full implementation of the Minsk peace agreements on Ukraine "with a resulting elimination of many Western sanctions, could also boost GDP growth."
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WASHINGTON, June 24. /TASS/. Without major policy changes Russia’s economy will grow slowly in the medium term, "even if world market prices for oil rebound sharply by the end of the decade," the RAND Corporation, an influential US think tank, said in its report published on Thursday.

"However, there is much that the Russian government could do internally to accelerate growth. A combination of an aggressive program to privatize state-owned assets, clamping down on corruption, and improving the business environment should accelerate growth in total factor productivity," said the report titled "Russia's Medium-Term Economic Prospects."

The authors of the report said the full implementation of the Minsk peace agreements on Ukraine "with a resulting elimination of many Western sanctions, could also boost GDP growth."

"More-welcoming immigration policies would also boost growth by offsetting the declining workforce" in Russia’s economy, the report said.

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