Russia needs to modernise, wean itself off its dependence on commodities, not rely on consumer demand for economic growth, improve labour productivity and encourage entrepreneurs, said Vladimir Putin, president of the Russian Federation, at the Russia Calling Forum organised by VTB Capital on Wednesday.
“Living off the rent from natural resources is unsustainable and would be a burden on future generations,” he warned. Instead, the country must transform its economic development through structural adjustments, investing in education and healthcare in order to ensure Russia is strong.
The message was echoed by government officials throughout the two day conference in Moscow, where they encouraged delegates from business...
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