Mikhail Belyaev : "Political leadership should be supported by economic development "
In the context of the economic sanctions imposed on the country, the problems of the Russian economic sphere have worsened. The key challenges and ways out of the situation were outlined by the chief economist of the Institute of Stock Market and Management Mikhail Belyaev.
These challenges, in his opinion, are associated with the internal problems that have long been on the agenda, waiting for a proper decision. Belyaev noted the need to increase economic growth, economic efficiency, productivity and structural adjustment. According to the economist, "the task of improving efficiency and restructuring the economy are closely connected with the fact that we have developed precisely those industries that produce the greatest increase in the added value that creates jobs that improve the overall efficiency of our production."
Belyaev believes that now, when in order to maintain Russia's status in world politics an adequate economic base should be established, the task of economic development and solving urgent problems should draw the special attention of the state and society. "36% of Russia's GDP is trade and services, while the mining industry forms only 10%, and manufacturing - 15%. For a country that claims leadership in the world, it's unacceptable. These claims must be supported by appropriate economic potential. The solution of such problems requires enormous financial resources."
Belyaev also believes that the sanctions have changed the model of the Russian economy, which is focused on export- import flows. "We deliver what we can produce (oil, gas and metals ), and buy what we do not manage to do very well. Now we have this double task - recovery of the domestic economy and import substitution. Sanctions should be considered as an additional external stimulus which will show us the seriousness of the situation and force us to improve our domestic economy, solve its internal problems."
Speaking about the prospects in Russian-Azerbaijani cooperation, Belyaev noted that "Azerbaijan is a country that shows a good performance in the field of economic development - it is not just about oil, but in general about the economy as a whole. This is quite a prosperous country, where everything is normal, including the national monetary unit and its prospects. Therefore, such cooperation will be beneficial for Russia."
