21 April
17 April 2007, the Council of Federation Committee on Budget Issues had a meeting on 'Improving Macroeconomic Forecasts as an Underlying Factor of Three-year Budget Stability'.
Senator Andrey Vavilov shared his viewpoint: "Replacement of domestic products with imported goods is no longer in focus because we live in the times when imports are not restricted." He added that economic growth is impeded by the demographic situation and labor shortfall - causing salaries to grow and so contributing to industrial expansion. Many countries' forecasts rest on these criteria, while the method of trend extrapolation does not examine these. Mr. Vavilov said: "They make forecasts the way they used to in 1992. Meanwhile, forecasts should be created based on labor shortage, plans for exploring Western Siberia, etc. Developmental inertia is of no use."
Related articles: Kommersant daily, issue 67 (3884). 21.04.2008. Government to Consider Extra Income.
