On April 19, Apurva Sanghi, Lead Economist of the World Bank, a partner of HSE University and Russia KLEMS, presented his report at the XXII HSE April Conference.He presented the results of a study that examines the contribution of global value chains (GVC) to the development of the Russian economy over the past two decades, and identifies the possibilities of GVC as a locomotive of economic growth. The growth-enhancing capabilities of the GVC allow for the identification of potential obstacles, as well as for a number of economic policy proposals to address them.While this study describes a sanctioned Russia—less connected to global markets, less innovative, and with less transparent private-public interactions that hinder fair competition—it also identifies significant potential benefits for the Russian economy from more intensive participation in the global division of labor. While sanctions remain a major obstacle to foreign direct investment, there are various measures that Russia could take to make its business climate more attractive for expanding trade and investment
On April 15, at the XXII April Conference, a round table "Productivity, Diversification and Sustainable Economic Growth" was held. It was attended by Russian and international experts in economics.At the event, the participants discussed the following issues:- What are the risks for the economy's dependence on raw materials for its long-term growth?- What are possible measures to diversify the economy?- What are the possible negative medium-term consequences of diversification in terms of falling incomes, inequality and poverty?- Does the Russian economy require diversification? If so, what are the main approaches to its implementation?
Bart van Ark, professor of productivity studies at the Alliance Manchester Business School (AMBS) at the University of Manchester, spoke at the XXII April conference on April 14. His report, "Why do the economy, business, workers, and society need productivity growth?", focuses on the slowdown in global productivity growth over the past 15 years, reasons for the slowdown, and measures that could revive it. Bart van Ark says to do this, the economy must become more receptive to innovation, which requires a coordinated effort from business, government, and individual workers. There is also a need for a better understanding of the extent to which, and how, productivity growth contributes to people’s welfare.
