On modern economic growth and catch-up development

Publication date
Wednesday, 26.02.2003

Yegor Gaidar

Speech in Aerostar hotel

The debates on long-term economic growth in Russia often center on the question as to under which growth rates and when can Russia catch up with Portugal. However, another important question is often overlooked. What  happens once  we caught  up with that country, and what  takes place afterwards – would  we leave it far behind us, or would we find ourselves once again breathing in Portugal’s neck? I would like to remind to the participants in the discussion that Russia once had caught up with Portugal - in the late 1930s. I have not heard of anyone in the country benefiting from that. In the late 1960s, under serious long-term problems caused by a socialist industrialization model we once again saw Portugal’s rear lights, and the gap has been there until the end of the 20th century. The question is – is the chase after Portugal in order for the 21st century?



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