EDB: Russia's economy adapts to low oil prices

“Russia preserves its potential for economic growth. However, it needs more active measures to improve labour productivity and production efficiency,” Yaroslav Lissovolik, Chief Economist at EDB, stated during his speech at the Swiss Russian Forum.

He pointed to certain aspects of relationships between Russia and Europe as they develop in the context of low oil prices. Yaroslav Lissovolik believes that the Russian economy is gradually adapting to low oil prices and needs a combination of tax measures and cost reductions to adjust its budgetary system to the new conditions. “One of the most important long-term targets in Russia should be the advancement of human capital, as a key factor for economic development and improving Russia’s competitiveness,” he said.

The Swiss Russian Forum had its meeting in Zurich on 11 April.

The participants in the discussion were representatives of Swiss banks and businesses.

Additional Information about the Bank:

Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

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