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Lean Russia: Sustaining economic growth through improved productivity - April 2009
Research Topic: Productivity and Competitiveness
Lean Russia: Sustaining economic growth through improved productivity Lean Russia: Sustaining economic growth through improved productivity
Labor productivity in Russia remains low, but improvements have been promising. In five sectors – steel, retail, retail banking, electric power and residential construction – productivity stands now on average at 26 percent of U.S. levels in 2007.
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Chapter Summaries
Chapter 1: Synthesis
To assess Russia's productivity performance, MGI analyzes labor productivity in five sectors that are crucial to Russia's development, identifies productivity gaps, and proposes opportunities for improvement.
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Chapter 2: The productivity of the steel industry
The Russian steel industry has performed strongly over the past decade. However, the global economic downturn and long-term steel demand projections are making the goal of boosting the sector's productivity an increasingly high industry priority. The main opportunities to improve productivity lie in tackling the steel industry's obsolete capacity and inefficient business processes.
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Chapter 3: The productivity of retail
Labor productivity in Russian retail has more than doubled in the past decade—the best performance of the five sectors analyzed. Largely thanks to the expansion of modern formats, productivity has increased from 15 percent in 1999 of U.S. productivity to 31 percent of the U.S. level today, while at the same time creating five million jobs in the sector.
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Chapter 4: The productivity of retail banking
Prior to the global financial crisis, Russia's retail banking market was the fastest-growing in the world. The sector's risk-adjusted revenue expanded at a compound annual rate of 60 percent between 2000 and 2007. But growth and productivity have not gone hand in hand. In fact, despite—or perhaps due to—the industry's remarkable growth, productivity has remained low.
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Chapter 5: Productivity of residential construction
The sector's productivity currently stands at 21 percent of U.S. levels and around one-third the level prevailing in Sweden.
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Chapter 6: Productivity of the electric power sector
The electric power sector is a cornerstone of the very energy-intensive Russian economy and the fourth-largest power sector in the world. Despite the sector's relatively high total factor productivity, it faces significant challenges, including aging assets and low labor productivity.
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How Russia could be more productive
Russia's way out of the economic slowdown is the more effective use of the country's resources—not just more resources.
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Unlocking economic growth in Russia (1999)
Market distortions and unfair competition are deterring investment and hobbling Russia's productivity. MGI looks at the problem and outlines what needs to be done.
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Five priorities for Brazil's economy
To enter the ranks of the world's leading economies, Brazil must remove entrenched barriers to productivity.
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Perspective—Domestic services: The hidden key to growth
While often neglected, the sheer size of local service sectors makes them powerful drivers of GDP growth in developing countries.
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Sweden's economic performance: Recent development, current priorities
To sustain growth, Sweden should focus on three priorities: improve competition in the private sector, accelerate productivity in the public sector, and focus on job creation in services sectors.
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