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Russia remains a market economy — Accounts Chamber head

Russia must never return to the planned economy, Alexey Kudrin said

Head of the Russian Accounts Chamber Alexei Kudrin Yegor Aleyev/TASS

Head of the Russian Accounts Chamber Alexei Kudrin

© Yegor Aleyev/TASS

ST. PET ERSBURG, June 20. /TASS/. The current situation in the world has not changed the basic principles of the Russian economy: it remains a market economy with a private sector, says Russian Accounts Chamber chairman Alexey Kudrin.

"I remain on absolutely the same positions as before. The current situation has not changed the basic, fundamental principles of the Russian economy. We remain a market economy, we retain our private sector. Moreover, it was underscored during the Sberbank breakfast that it is the private sector that reacts faster to the current events, adapts faster and acts as a factor of more rapid recovery, because it makes decisions here and now, instead of complicated bureaucratic procedures of state bodies or a state-owned corporation. Everyone knows that both the Western economy and the new economy are more efficient when they are more flexible and adaptable, which means private sector," Kudrin told TASS on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

According to the official, Russia must never return to the planned economy.

"There is one more point: after all, planned economy implies that the state makes decision for an enterprise, not only in terms of volume of production, but on prices as well. It means that we must one again give up or nationalist our property, and then the enterprise loses responsibility for its results. I think, we must never return back to this," he added.

In early January, Kudrin told TASS in an interview the story of Russia’s path from planned to market economy, and expressed his certainty that there will never be a return to the former.

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