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Making the economy stronger, more balanced, and less dependent on volatile rents from natural resource extraction is therefore a key challenge. This requires higher productivity growth and greater energy efficiency, both driven by competition, stronger investment and better matching of skills and jobs.
The sequencing, political economy and implementation of structural reforms are all important. The new fiscal rule has anchored budgetary policies, but there are loopholes due to the possibility of tapping into oil funds, providing guarantees and shifting unfunded spending obligations on regions.
Increasing attention is being paid to public sector efficiency.
The monetary policy framework benefits from the transition to inflation targeting and a flexible exchange rate regime, although the importance of administered and food prices in inflation increase transparency requirements. The banking sector is stable but a consumer credit boom poses risks. Improving the business climate is most urgent.
However, capital outflows and the low market valuation of Russian companies suggest that business is not yet fully convinced. Red tape has been reduced, and recently adopted federal initiatives tackle many administrative barriers.
There has been less progress on the regional level.
Notwithstanding WTO accession inmarket opening is meeting resistance. Transport system bottlenecks pose barriers to more geographically balanced growth. Stronger and more sustainable growth is not possible without better use of skills and stronger innovation.
Lifelong learning, activation programmes and temporary income support remain underdeveloped. Excessive labour turnover undermines on the job learning and contributes to the low level of innovation activities. Social partner institutions are weak and the enforcement of collective agreements is limited.
While education enrolment rates are very high, insufficient quality and poor links with the business sector limit the supply of employable skills. Public spending on education is low and the high inequality of educational opportunities adds to the problem.
Firms rarely see innovation as part of their business model. Innovation policies have recently become more focused at firms but results are not yet visible.Meet Top Pharma Industry Professionals,top Biosimilar Companies Researchers, Scientists, Sponsors and Exhibitors from USA (America), UK, Europe, Asia, and Middle East at Generic Pharma Conferences and Biosimilars Conferences happening from November , at Berlin, Germany.
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