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Nobel Laureate Sees Japan-Like Malaise for ‘Third-World’ Russia

  • Pissarides says top risk is that Russia ‘gets stuck’ for years
  • Government hasn’t used crisis to reform economy, institutions

Russia is on its way to becoming like Japan, but in all the wrong ways, according to Nobel economics laureate Christopher Pissarides.

“The main risk is that Russia gets stuck where it is, sort of Japan-like,” Pissarides said in an interview in St. Petersburg, Russia. “But Japan got to a very high level and the risk is that Russia gets stuck at a lower level.”