Qualified personnel shortage, bureaucracy and inefficient government regulation remain the main factors hindering business in Russia, according to a report released for the Davos economic forum on Wednesday.
The report, Unknown Russia, is based on a poll of top managers from 54 Russian companies conducted by experts of the Davos Economic Forum’s council chaired by Russia’s former Finance Minister Alexey Kudrin.
According to the poll, 30% of the respondents complained about a shortage of qualified personnel while another 28% said they were unhappy about cumbersome bureaucracy.
Meanwhile, 26% of the respondents complained about inefficient government regulation, pointing to overregulation in some sectors of the economy and the absence of due regulation in others.
As many as 26% of the respondents mentioned macro-economic instability and another 18.5% complained about the lack of funding.
An “immature market” was the reason cited by 17% of the respondents. Taxes, conservative thinking and corruption equally concern business and were mentioned as business hindering factors by 15% of Russian entrepreneurs.
Problems with access to infrastructure were mentioned by 7% of the respondents.