Русский
Andrey Belousov, Russia’s First Deputy Prime Minister, has said that Russia has worked out a plan to transform the country’s economy by 2030. His remarks followed President Putin’s decree, also issued this week, which sets out the goals for future Russian growth until the end of the decade.
Speaking at a panel session on Wednesday (May 8) at the Russia International Exhibition-Forum titled “Developing an Efficient and Competitive Economy”, Belousov laid out the roadmap for implementing the long-term economic strategy. The key, according to Belousov, will be a transition from a demand-driven economy to a supply-driven one.
He said that “We need to create conditions in which the growth impulse will not be external, from monetary demand, but come from the production sector itself. Among the ways to achieve this are to introduce labor reforms, entrepreneurial incentives, increase efficiency and productivity – including through automation, and by harnessing artificial intelligence.”
Russian consumer spending – based on increased productivity and real wages – combined with capital investments and oil and gas exports will account for about 16% of the increase in Russia’s GDP, Belousov said. The IT and communications industries are regarded as the biggest engines of Russian growth, which the government aims to see expand by 130% by the end of the decade.
Belousov’s roadmap for economic transition involves extensive reforms aimed at improving productivity, including via automation and education, boosting investments, increasing exports other than natural resources and energy, and creating transportation corridors for Russian goods, which should be able to carry 1.4 billion tons of cargo by 2030.
Wednesday’s session also discussed the role of the federal and regional authorities in improving the investment climate and business activity in the country, as well as the removal of transportation restrictions while preserving Russia’s “logistical sovereignty.”
The specific goals set by the Russian President include Russia having the fourth-highest GDP – measured by purchasing power parity – in the world by 2030, thus surpassing Japan. Russia would also be among the top 25 countries for using robots in manufacturing and in the top ten in terms of scientific research and development.
The underlying intention of the transformation is to ensure Russia’s position as a sovereign nation that respects traditional values, engages with friendly nations, and improves its economic standing through science and private entrepreneurship, according to the 2024 decree. Belousov has further illustrated how this will be achieved.
