Trajectories of Economic Transformations. Lessons from 2004 for 2024 and Beyond

After more than a decade of reformist actions in Russian government circles, the initial neglect of the range of problems related to the impact of transformations on the rate and quality of economic growth has been overcome, thanks God. In his address to the Russian parliament on May 16, 2003, President Putin put forward the task of doubling the country’s gross domestic product over the next ten years. This production, however, caused a wave of skepticism among a significant number of experts and politicians. The task is indeed difficult, since it assumes an average annual GDP growth rate of at least 7.2%, whereas over the last five years (1999—2003), when statistics recorded economic growth after a long recession, the average annual GDP growth was less than 6%, even though the calculation here is based on the crisis year of 1998.

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Примечания

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In 1990, the World Bank began to publish a special periodical bulletin “Transition” in several languages, designed to highlight the experience and problems of radical economic reforms in countries with economies in transition.

2

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The use of the concept of “countries with economies in transition” in relation to the periods before 1990 is very conditional and is permissible only in view of the subsequent transformation processes in the socialist countries. According to the IMF methodology, the transition economies usually include the republics of the former USSR and Yugoslavia, Bulgaria, Hungary, Poland, Slovakia, Romania, the Czech Republic, and Mongolia.

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The report has been translated into Russian and is available on the Internet at www.ecaar-russia.org/stiglitz-ellerman_ru.htm.

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