Russia “in conditions of stability” is capable of increasing its GDP 2.5 times in ruble terms in ten years, says billionaire Oleg Deripaska. For this, in his opinion, it is necessary, among other things, to increase the bond market, as well as to deal with the transport and customs infrastructure.
In an interview with RBC, Mr. Deripaska said that now the Russian bond market is 30 trillion rubles. This, he said, is “humiliating little”, because the country needs “about 70 trillion rubles.” According to the businessman, the debt market is “a step towards freedom of entrepreneurs,” but this issue cannot be resolved without support from the Central Bank.
It is also necessary to pay attention to the capital market, which Oleg Deripaska described as “complete freedom”. He is sure that the settlement of this market can be dealt with, despite the sanctions that are “pressing” on Russia.
After that, it is necessary to “put things in order” in the “most important infrastructure” – transport and customs, the entrepreneur said. In his opinion, the priority for Russia is fast high-speed freight roads, “which will allow connecting Europe and Asia.” Russian Railways or “another authorized company” should take up the development of infrastructure so that “from any city on this Transsib 2.0, they can travel in both directions in five days,” he is convinced.
“And this is the digitalization of customs, this is the facilitation of all procedures, this is an increase in the speed of traffic. We have everything. We have rails, we have satellites, we have operators, we can build locomotives. We can build and electrify, we can build on gas, we can build on hydrogen, ”said Mr. Deripaska at the St. Petersburg International Economic Forum (SPIEF).
The day before, President Vladimir Putin said during a speech at the SPIEF that the economy and labor market in Russia are already approaching pre-crisis levels. According to the Ministry of Economy, in April Russia’s GDP grew by 10.7% in annual terms. The Organization for Economic Cooperation and Development previously improved its forecast for Russia’s GDP growth in 2021 from 2.8% to 3.5%. The World Bank (WB) also improved its forecast – up to 3.2% in 2021 and 2022.
For more details on the WB forecast, see the Kommersant article “Minimum Income in the Russian Way”.