ST.PETERSBURG, June 2. /TASS/. Classic crises with the decline and systematic restoration of economies remained in the past, the World Bank Chief Executive Officer Kristalina Georgieva said in an interview with TASS at the St. Petersburg International Economic Forum.
"I believe that the" classic "crises stay in the past. Even when they were very serious, they usually went gently and politely, this is how I would call it. Every crisis was waiting for its turn: the crisis starts, the economy reaches the bottom, and then it restores. Growth followed, and only after that one could expect the next recession," she said.
"Today, this classic situation receded into the past: now crises overlap, they do not wait in line. Both national and global financial institutions are not used to living in an atmosphere of overlapping crises," Georgieva believes.
Investments in human capital and improvement of the investment climate should become the top-priority structural reforms in the Russian economy, Georgieva has also told TASS:
"The most important for Russia is the long-term growth, rather than the year of 2017 or 2018. According to our estimates, the country will have long-term growth rates of 1-2%. It is important to maintain macroeconomic stability and initiate more serious structural reforms in this aspect. From our point of view, investments into the human capital and improvement of the investment climate at large should be a top priority for Russia. Much has already been done. I remember when we assessed the business climate of Russia for the first time; Russia was ranked 120th in the Doing Business rating in 2012 year report. Now it is already 40th. However, there are new challenges ahead, it is possible to do more in such spheres as obtainment of construction permits and international trade."