Drivers of Growth in Russia

55 Pages Posted: 8 Jul 2016

See all articles by Markus Brueckner

Markus Brueckner

The Australian National University

Birgit Hansl

World Bank

Date Written: July 6, 2016

Abstract

Between the end of the 1990s and the first decade of the 2000s Russia experienced significant growth in GDP per capita that was driven by transitional convergence, structural reforms, and improvements in the terms of trade. Reforms to the structure of the economy boosted growth by over 2 percentage points per annum with improvements in telecommunication infrastructure, financial development, and a reduction in the GDP share of government consumption being the most important structural reforms. The paper discusses Russia’s growth performance relative to comparator countries: countries in the European and Central Asia regions, advanced natural resource exporting countries and the BRICS countries. Economic growth was significantly lifted in advanced natural resource exporting countries due to the international commodity price boom, for example, in Russia improvements in the terms of trade lifted growth by over 1 percentage point per annum. In the group of advanced natural resource exporting countries and BRICS countries, Russia is at the forefront in terms of growth benefits arising from structural reforms.

Suggested Citation

Brueckner, Markus and Hansl, Birgit, Drivers of Growth in Russia (July 6, 2016). CAMA Working Paper No. 42/2016 . Available at SSRN: https://ssrn.com/abstract=2805778 or http://dx.doi.org/10.2139/ssrn.2805778

Markus Brueckner (Contact Author)

The Australian National University ( email )

Canberra, Australian Capital Territory 2601
Australia

Birgit Hansl

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

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