Expert Center staff present reports at the 6th World KLEMS conference
The World KLEMS initiative brings together representatives from different countries and organizations who develop indicators of cross-country economic performance comparisons at the level of individual industries and conduct research based on these. On March 9 to 17, 2021, the 6th World KLEMS Conference was held in a virtual format for the first time.The conference addressed issues of the global productivity slowdown, the post-pandemic growth outlook, and the measurement of growth and productivity in the context of new economic activities and globalization. Projects from countries and groups of countries included in the World KLEMS Initiative—Asia KLEMS, EU KLEMS, and LA KLEMS—were widely presented. A separate section was devoted to the EU KLEMS project, including Russia and Eastern Europe.
Ilya Voskoboynikov and Ksenia Bobyleva presented reports at the conference.
The report “Recovery experiences of the Russian economy: patterns of post-shock growth after 1998 and 2008 and future prospects”, presented by Ilya Voskoboynikov, was devoted to the recession in the global economy due to the COVID-19 pandemic.
In terms of pandemic consequences, the current crisis may be more severe than the crises of 1998 and 2008. In the coming years, the Russian economy will need to recover and enter a new long-term growth trajectory. From what sources and in what industries can this happen?
By analogy with the recovery after 2008, it is likely to be associated with an increase in demand for raw materials in world markets and the response of the expanded production complex (EPC). The stagnation after 2008 was caused by a decrease in production efficiency, especially in the EPC, and a lack of technological catch-up. Measures to stimulate growth should include finding ways to improve the efficiency of the EPC, stimulate the adaptation of advanced technologies, and preserve existing adaptation channels during the crisis, for example, the integration of successful export-oriented industries into global value chains. Ensuring long-term sustainable growth also requires economic diversification. This work is based on the experience of previous crises, using industry accounts of economic growth, and Russia KLEMS data.
Ksenia Bobyleva's report "The contribution of intangible assets to the growth of sectors of the Russian economy" compared the contribution of intangible assets to the growth of Russian economic sectors. The article compares not only the role of intangible assets in the growth of grouped sectors of the Russian economy and the OECD, but also considers which types of intangible assets are significant in general for the service production sectors and examines an expanded list of intangible assets.
The main findings were that the contribution of intangible assets to the average growth in value added is higher in market services than in the manufacturing and production sectors. This is the first difference from OECD countries, where intangible assets are more evenly spread across services and production. What Russia and the OECD have in common is that R&D is significant in manufacturing, while non-R&D intangible assets are more important in the service sector.
Considering the specific structure of intangible assets, Bobyleva concluded that the contribution to market services in the period 2010–2016 was mainly through industrial design, advertising, market research, and production through R&D.
More information about the World KLEMS conference can be found on the website.
Materials for the conference: