Limited economic diversification – where production is concentrated in sectors characterised by low technology spillovers – can limit productivity growth and expose an economy to the macroeconomic instability of a fate dictated by external events. Moreover, development and diversification appear to be related.
Russian volatility: Obstacle to firm survival and diversification
Alvaro González, Leonardo Iacovone, Hari Subhash, 12 February 2014
Simon Commander, Alexander Plekhanov, 29 January 2013
Russia aims to diversify its economy, thereby moving away from its dependence on oil and gas. Despite much political rhetoric, our research (European Bank for Reconstruction and Development 2012) indicates that, to date, relatively little has been achieved. Oil and gas still account for nearly 70% of total merchandise exports and around a half of the federal budget.
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