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1 Apr, 2008 13:09

No holding back on economic growth: Trade Minister

Leading economists from across Russia and around the world have met for the Ninth International Conference in Moscow. The modernising of Russia's economy and globalisation have topped the event’s agenda.

Russia is more integrated into the global economy than ever before, but it’s also more vulnerable to its ups and downs.

According to Russia’s Economic Development and Trade Minister, Elvira Nabiullina, who spoke at the Moscow conference on Tuesday, Russia cannot afford a lukewarm growth rate.

“It is very important that the currency and budget measures we take don’t hold back economic growth,” Nabiullina said.

Russia’s leading economists agree.

Evgeny Yasin, Head of the Higher School of Economics believes Russia should try to maintain the high pace of economic growth.

“The country has serious competitive advantages. We see record foreign investments flowing into the country, and we have plenty of problems that this money could be used to solve,” said Yasin.

Russian business is coping well with the challenges of globalisation, according to Eric Berglof, Chief Economist of the European Bank for Reconstruction and Development.

However, the public sector is less prepared. Boosting Russia’s competitive advantages, finalising pension and health reforms, fighting poverty and modernising the legal system were also discussed at the conference.