Russia unveils its economic development plan until 2030 and focuses on sanctions


The Russian Ministry of Economic Development on Tuesday unveiled scenarios for the development of the Russian economy until 2030.

Earlier in the day, Russian Prime Minister Mikhail Mishustin held a strategic session on economic policy priorities under pressure from external sanctions. In September, the government will report to Russian President Vladimir Putin on the results of a series of meetings on the country’s short- and long-term social and economic development. Russian Economic Development Minister Maxim Reshetnikov participated in the session and reported on the main directions of economic policy in the context of sanctions.

“The Russian Ministry of Economic Development, together with the departments of industry under the leadership of the Deputy Prime Ministers, has developed scenarios for the development of the Russian economy until 2030. The target scenario is adaptation acceleration of the economy to the new conditions. It is based on the implementation of systemic solutions that will overcome the recession and achieve sustainable growth as early as 2024, which is a priority set by the Russian President”, indicated the ministry in a statement.

The growth of the Russian economy will be driven by domestic demand, both from investors and consumers, the ministry noted, adding that the areas of activity that will allow the country to achieve the growth targets will be worked out during the sessions of industry.

Priority areas of activity will include the development of transport and logistics infrastructure, support for import substitution projects in various industries, ensuring technological independence, digitalization and the creation of a material base in the form of equipment and software, according to the ministry.

In addition, the government plans to develop the country’s financial system and support private investment activity, the statement said.

Russian First Deputy Prime Minister Andrei Belousov said on Monday that the investment program should become the main central issue of the government’s program for the next few months. The official noted that the protection and promotion of investments will help support the Russian economy.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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