Russia and the Outside World: Problems of Economic Adaptation

Mitsek, S. (2006). Russia and the Outside World: Problems of Economic Adaptation. IIASA Interim Report. IIASA, Laxenburg, Austria: IR-06-080

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Abstract

Today the outside world is interesting to Russia as a source of technology, production factors and necessary goods and services, and as a market. Russia is interesting to the outside world as a source of specific goods (energy at first), as a market and as a source of income from investments. The main risks Russia is bearing in contacts with the outside world are the following: discrimination of Russian goods and Russian business in world markets; limits in access to the world financial market; sharpening competition with foreign business on the Russian inside market; growing dependence of Russia from the world economy; immigration problems.

The analysis of these problems provides the following conclusions. Russia needs to liberalize immigration and foreign investment conditions. It is necessary to support exporters and try to enhance comparative advantages by backing innovations and export diversification. It is worth to abolish artificial limits on import of demanded goods and services.

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