Russia's Economic Future is Promising

I was able to find a letter written by the World Bank Group President, Jim Yong Kim, and he is speaking to the Russian Presidential Academy of National Economy and Public Administration. He addresses a very important question; what is next for Russia’s economic future? Russia is known worldwide for its educational system and being decades ahead when it comes to scientific exploration. Kim gives credit to countries like China and South Korea for considering their futures and constantly re-evaluating their strategy to be prepared for whatever happens 50 years from now. There are certain challenges that go along with globalization, and every country—including Russia, must be asking what will their economic future look like 50 years down the road. Russia’s growth in the 2000s was very impressive, remarks Kim, but what happens when the countries oil resources start to run dry and nothing new is being discovered? You run into a number of problems. 

Prime Minister Medvedev is quoted as saying that Russia’s economy must diversify from, “…A raw-material dependent economy to an innovation-based economy.” Along with most other countries, Russia believes that the government has to unleash the growth potential of the economy. Russia must become more competitive, and pull in more private investment. Over all, they must become more diversified.  Kim does mention that the World Bank Group has seen promise of success from all over the entire county.  Kim’s main goals with this letter is to build on his partnership with Russia from a global perspective. 

Taylor Massey 

2/15/13

2:36 pm

http://www.worldbank.org/en/news/speech/2013/02/14/whats-next-russia-economic-future-global-role