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Russian Economic Reform: Crossing the Threshold of Structural Change

机译:俄罗斯经济改革:跨越结构变化的门槛

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The Russian Federation has initiated an unprecedentedly broad, complex and difficult process of economic reform. The risks are immense, and possible outcomes include a slide into hyperinflation, a decline in output to an unsustainable level, or both, along with the political implications of the failure of the economic reform process. In order to avoid these outcomes and reap the benefits of the reforms already undertaken, the Government needs to set clear priorities among future policy measures. In the report, these actions are identified as: Financial stabilization based on a sharp reduction of the fiscal deficit; Acceleration of enterprise reform, including (but not restricted to) rapid privatization of existing enterprises; Establishment of a social safety net to protect the population most affected by reforms; Reducing impediments to trade between enterprises, especially across the territory of the FSU, in order to expand markets and improve input supplies for the enterprises concerned; Prompt implementation of reforms in the oil and gas sector and the food sector to reverse the decline in production; and Mobilization of external financing resources on the order of $20 billion a year for the next few years in support of the reforms.

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