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Igor Shuvalov: Future of Russia Lies in Consolidation and Progress

The wealth of Russia is based not only on securing the needs of the domestic market, but primarily on the openness, Igor Shuvalov told journalists at the St. Petersburg International Economic Forum.

"We believe that by supporting the Eurasian integration and the building of the Great Eurasian partnership, including the PRC, we open our economies to people and create more opportunities," said Igor Shuvalov, First Deputy Prime Minister of the Russian Federation after the Valdai Discussion Club session within the framework of SPIEF 2017, titled "Globalization Revisited: Is Every Country on its Own Now? ", where he took part as a speaker.

According to Shuvalov, the main request of foreign investors, which they address to Russia, is predictability and stability. "But when foreign investors ask for more stability from us, they admit and explain that even in the most developed countries there is not so much predictability as they would like to see," the First Deputy Prime Minister noted.

In the Russian economy and its political system now predictability is even greater than in other states, Shuvalov said. "Predictability on the part of the Russian authorities is a commitment to the basic principles of economic policy, macroeconomics," he explained. At the same time, if the rules of the game are changed in order, for example, of modernization, this is announced in advance.

Shuvalov noted, that in recent years Russia has achieved a lot. There is an understanding of what needs to be done in the near future, what should be set up, the weaknesses of the Russian economy are known. "So far, unfortunately, the incomes of the population against the background of other macro-indicators do not grow as we would like. And we must work on this," he explained.

Moreover, people want to see another education, another health care, another judicial system. And if we talk about structural reforms in Russia, then, according to the first vice-premier of the Russian Federation, such decisions will be worked out that will both consolidate the country and promote its economic development.

He also noted, that the SPIEF-2017 sessions included, among other things, the discussions about the experience of the United States and other countries that pursue a "divisive policy." "It is not at all necessary to pursue an economic policy, disconnecting each other. <...> Our strong point, our future is just in consolidation and progress, " Igor Shuvalov emphasized.

Views expressed are of individual Members and Contributors, rather than the Club's, unless explicitly stated otherwise.