International Monetary Fund (IMF) experts said in a report that Russian reform should aim to improve the investment climate in the country and reduce dependence on the oil sector.
IMF experts believe the Russian government should focus on reforms designed to accelerate economic diversification and bring down the economy's dependence on oil prices by attracting investments in non-primary industries.
The development of small and medium enterprises is of particular importance, according to the experts. A decline in oil prices, which is the trend of the last few years, will otherwise slow down GDP growth considerably, reads the IMF report.
Housing reform, including mortgage market development, is also very important.
Russia's early accession to the World Trade Organization (WTO) will give a boost to the key reforms, competition, and reduce corruption in the country, according to the IMF. The government should therefore counter the opposition of industries seeking to retain protective barriers by extending the transition period, and fearing strong competition.
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