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The Russian economy is stagnating, Kudrin said

The Russian economy is now in a state of stagnation, which cannot be overcome without carrying out sufficient structural reforms, said the head of the accounts chamber Alexey Kudrin, speaking on Saturday from lecture to graduates of the Russian economic school (NES).

Kudrin said that, as Russia will have in the coming years to move fast from oil structure of the economy, it needs a much more significant investment in human capital: public spending on science and education, according to him, it is necessary to increase by 1% of GDP, and even for the same volume of expenditure on health.

In addition, in his opinion, requires public sector reform, reducing the regulatory burden on business at least twice and the creation of large economic agglomerations at the regional level.

"Despite the fact that we have been talking about this for many years, unfortunately, political decisions are not taken. Unfortunately, we're not. We are in stagnation," said Kudrin.

"The lack of sufficient structural institutional reforms became the basis of the braking (economy - ed.)", - said the head of the accounting chamber.

"If you fulfilled the official forecast this year, and the recession will be around 5% of GDP, over the last 10 years, including last year, the average growth of our economy will be just 1% of GDP. It is historically a little to over the decade we didn't grow," said Kudrin.

According to him, since the 90-ies of XX century, the Russian economy grew by only 30% - by international standards it is very small. "Of course, Russia can grow by 3-5% (per year - ed.)", - he said.