The Russian government really has no good economic options other than hope. This prompted German Gref, Putin’s former minister for economic development who is now head of Sberbank, to announce that Russia will continue to fall behind its global economic competitors if the country does not introduce major structural reforms. Gref’s warning, and accompanying sound of alarm, was startling: “[W]e have found ourselves in the ranks of countries that are losing, downshifter countries.”
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