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Fixing Russia's Banks: A Proposal for Growth

Source: media.hoover.org
Topic: Economic Conditions

Sort Desciption: Economic Conditions. RUSSIAN PRODUCTIVE POTENTIAL. Since its establishment as a separate state in 1991 Russias eco- ..... Russian Economic Conditions / 19.

Content Inside: chapter one Russian Economic Conditions RUSSIAN PRODUCTIVE POTENTIAL Since its establishment as a separate state in 1991 Russias eco- nomic performance has been vastly below its productive poten- tial. Per capita income stands at about $4200 in world market prices which is lower than the world average of $5200 and less than one-sixth that of the United States. 1 Per capita income in Russia falls beneath that in Tunisia Algeria Botswana Costa Rica Colombia Panama Brazil Mexico and other economies all of which at least in the popular image are relatively poor countries. In Russia which is the landlord of a space station for American astronauts something is amiss. What separates Russia from these other third world countries is its enormous immediate current growth potential. Russian income is three perhaps as much as four times lower than it could and should be. First Russia has the productive capacity in place to double its 1. Updated from the World Bank World Development Report 1997: The State in a Changing World (New York: Oxford University Press 1997) Statis- tical Appendix p. 7. Hoover Press : Rabushka DP2 HPRABU0100 03-01-99 07:20:39 rev1 Figure 1. Economic Contraction in Russia 19901997 Source: Russian State Committee on Statistics regular releases output of goods and services (its gross domestic product or GDP). Indeed just nine years ago Russian GDP was nearly dou- ble current levels. By official and international counts the econ- omy contracted by 43 percent during 19901997 (see figure 1). This accounting may exaggerate the decline in output as many firms underreported production to reduce their tax liabilities. Offsetting this potential undercounting however is the gain that accrued equivalent to 15 percent of Russian GDP during 1992 1997 when Russia terminated $58 billion in annual energy sub- sidies to Eastern Europe and the former Soviet Union. 2 Second even before the great contraction of the 1990s Rus- sian industrial investment allow ...

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