Some of the key uncertainties for Russia include the potential for major shifts in the global energy landscape, domestic institutional environment and maintaining social

cohesion, according to the report - Scenarios for the Russian Federation.

It considers the impact of all these issues on the Russian economy and the profound changes occurring in global energy markets. Looking at factors such as the shale gas

revolution and shifting global demand, it raises the question as to whether Russia is adequately prepared for such changes.

Russia has made little headway against corruption despite significant rises in per capita wealth in the recent years. Moreover, there is lack of progress in improving public services in spite of increased government expenditure.

"...we believe the 'Scenarios for the Russian Federation' delivers an accurate portrayal of the challenges facing Russia as it seeks to modernise its economy and build government and social structures consistent with its rising wealth," said Borge Brende, Managing Director, Government Relations and Constituents Engagement, WEF.

The report is based on in-depth research and interactive discussions with over 350 industry, policy and academic experts from Russia and abroad over the past 12 months.

"By focusing on the challenges and opportunities inherent in the Russian economy, we believe this report could become a useful tool for Russia's policy makers, business leaders and other stakeholders, as well as those interested in investing in Russia from abroad," said Kristel Van der Elst, Director for Strategic Foresight at the WEF.