Russian progress on reform

OECD Observer

Russia has “already travelled a great part of the road towards economic reform,” thanks in part to co-operation with the OECD, said Alexei Kudrin, Russia’s deputy prime minister and minister of finance, at a meeting of the OECD-Russia Liaison Committee held in Paris on 28 March.

Of the 70 countries with which the OECD maintains informal ties, OECD Secretary-General Donald Johnston highlighted Russia, calling the country’s economic management “outstanding”, and cited its strong growth in the first quarter, despite the declining global market. Amid the economic uncertainty due to the war in Iraq, Mr Kudrin said that Russia had developed the necessary infrastructure to avoid exposure to any fluctuations in oil prices, including mechanisms to increase its financial reserves.

He was also hopeful that his country’s oil contracts in Iraq would be honoured by any future Iraqi administration. Mr Kudrin also affirmed that a government commission on further co-operation with the OECD would soon be established.

©OECD Observer No 237, May 2003

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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