By Brigitte Granville and Vladimir Mau
Despite Western sanctions and oil-price volatility, Russia is currently on sturdier economic footing than most of its critics ever could have imagined just a few years ago. But while prudent fiscal and monetary policies have laid the groundwork for long-term sustainable growth, the government must resist the temptation of short-term stimulus.
Russia has a way of illustrating universal problems. Consider the goal of economic development. Political leaders have an interest in delivering economic prosperity very quickly, and yet the policies needed to enable sustainable long-term growth can take quite a while to bear fruit. The political and policy clocks are rarely synchronized.