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Russia’s Central Bank sees the need to change the model of economic development of Russia, the regulator said in the draft monetary policy guidelines for 2017-2019.
"The events of recent years show that there is a need for a change of Russia’s economic development model. In order to ensure a balanced economic growth and a sustainable welfare society, it is important to reduce the economy's vulnerability to changes of external conditions, to resolve deep internal structural problems," the banks said in the draft document.
According to the Central Bank, the development of the Russian economy will depend on the willingness of the authorities and all members of society to switch to the investment-innovation model of economic growth, as well as to take efforts to the formation of the growth’s potential and creation of favorable climate for economic activities.
Source: TASS
