OECD Economic Surveys: Russian Federation. December 2011. Overview

Abstract

In recent years Russian leaders have emphasised the importance of modernising the economy, stressing the need to reduce the dependence on oil revenues and diversify the economy. The process of accession to the OECD, which was the context for the preparation of the 2011 Survey, dovetails closely with this agenda. It takes stock of the evolution of Russia's convergence towards OECD outcomes and policies, identifying both progress and areas where the gaps are still large. Across a range of macroeconomic and social indicators and measures of policy settings, Russia is found to be within the range of OECD countries. Nevertheless, the gap with them in a number of areas remains wide. In particular, the Survey notes that the business climate is very poor in Russia, and offers recommendations for its improvement. It also makes recommendations to improve energy efficiency, another area where Russia lags well behind the most advanced countries. The assessment of the macroeconomic framework is generally positive, but scope for improvement remains, and the Survey offers a number of recommendations to that end.