Preparing Russia's economy for a leap forward

A report released on Aug. 3 by the International Monetary Fund bears the intimidating title: “Russia needs deep reforms to maximize its growth potential.” The fund projects that Russia’s GDP will grow 4.5 percent in 2012 and 3.9 percent in 2013, assuming that oil prices remain stable and the government takes steps to reduce its dependence on natural resource exports and attract foreign investment. Even so, compared with the near-depression state of the economies of developed countries and slowdowns in China, India and Brazil, Russia has now become a bright spot on the gloomy world economic picture.