Russia’s Turbulence Could Drive Sustainable Development

Russia’s Turbulence Could Drive Sustainable Development. YaleGlobal. Anastasia Okorochkova. April 14, 2015.

Falling oil prices and western sanctions have led to hard economic times for Russians. But lingering economic crisis can also allow a country new opportunity to regroup and reform, innovating and transforming the economy. Paradoxically, the long-running crisis could drive Russia to end its reliance on export of fossil fuels and embrace sustainability. “To do so, Russia must mobilize its strengths – including a well-educated public, sustainable development of rich natural resources, and economic reform,” writes Okorochkova. “Oil and gas represent about 50 percent of the Russian government’s budget. Sacrifices would be required in reducing dependence on these resources, striving for sustainability and shifting toward a service economy.” Economic growth and sustainable development can be achieved, Okorochkova notes, with strategic planning and diversifying the economy. Russians, practical and innovative, driven by economic crisis, could become leaders in sustainability. [Note: contains copyrighted material].

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