The World Bank: Russia and the WTO

The World Bank said in its report that in the long term, Russia's annual GDP could be increased by 11 percent, incomes for almost all households would rise by a quarter and opportunities would be created for domestic and foreign investors.

Even in the medium term, growth should be around 3.3 percent per year. About 72 percent of the estimated GDP will come from improved quality and lower prices for services. This will lead to an increase in labor productivity and will also improve the competitiveness of Russian firms. Reduced duties will make it possible to buy products and consumer goods at lower prices.
Russia last year became the ninth country in the world in terms of savings in dollar terms. The world's largest hydrocarbon exporter is capitalizing on rising oil prices, which could lead to higher GDP growth forecasts. GDP may increase by 3.5 percent in 2012 and 3.9 percent in 2013, the report said.
To maximize the benefits of WTO accession - and achieve 11 percent GDP growth - Russia needs to improve its business climate. The report says that while these conditions have improved over the past few years, Russia has one of the lowest ratings for doing business, ranking 120th out of 183 countries.
In other words, Russia is at the beginning of a long journey.

Based on foreign press for ForTrader.org