Industrial Policy and Competitiveness for Russian Economy

Abstract

Efficiency of import substitution industrialization policy in Russia is determined by several challenges: necessary funding feasibility, availability of demand and particular properties of value chains of import substituting goods and possibility of implementation of industrial policy in line with competition policy. However, import substitution is an effort to compensate the adverse consequences of geopolitical and economic risks. But now economic development needs the construction of beneficial institutional framework, support of macroeconomic stability and reduction of dependence on external factors.

Keywords: Russian economy, import substitution, sanctions

JEL Classification: F52