The recent fall in the oil price has underlined the perils of Russia’s over-reliance on its energy sector and the corresponding need to develop non-energy sources of growth. Part of the route back to economic vigour is an increase in Russia’s overall investment rate. But just as important is the need to rebalance investment away from the natural resource sector, which currently dominates, and towards manufacturing. The sheer scale of the task provides reason for caution.
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