The long-term growth of the economy will provide technological leadership projects, which are generally formed and resourced, to the head of the Ministry of Economic Development.

On Wednesday, 25 September, the Minister of Economic Development of the Russian Federation, Maxim Rechetnikov, presented a forecast of the economic and social development of the Russian Federation for the next three years at the Government hour. On 24 September, the macro forecast was approved by the Government, which formed the basis of a federal budget project for the next three years.

The head of the department stressed that the Russian economy was steadily developing despite all challenges. GDP growth since 2020 has been significantly higher than in many developed countries. This year, the economy is expected to grow by 3.9 per cent, from 2024 to 2027, which will grow by 13 per cent.

Investment will provide almost one third of GDP growth. Next year, investment activity will be 2 per cent against the backdrop of this and past years. An increase of 3 per cent or more is expected. Enterprises will remain the basis for growth.

It is projected that consumer demand will continue to grow and that it will generate 60 per cent of GDP growth. It is based on an increase in the real income of the population, especially through the growth of real wages against the background of low unemployment. Also through social benefits: decisions on indexing benefits, pensions, including for active pensioners, support for families with children.

Increasing consumer demand will be met by increasing production of Russian goods and services - manufacturing, agriculture, tourism, services and other supply-side industries.

" Promptly realistic and sustainable budget for the next three years. It takes into account the costs of implementing the President ' s message to the Federal Assembly, new national projects. The economic policy measures aimed at " unleashing " core resources: labour, capital and technology " emphasized Maxim Rechetnikov.

In particular, there is a need to increase productivity in industries where it has grown slower in recent years -- tourism, trade, transport, construction -- and social sectors. " This will be part of a new federal project with line ministries through the establishment of sectoral competence centres. Also through the work of the productivity centres established in the regions over the years, the Minister explained.

According to him, structural changes in the economy put new demands on training and retraining. The Kadra and Young People and Children ' s Projects will help to reconcile business demand and training for specific professionals at universities and colleges, and the head of the department has indicated.

Investment support measures are also projected. “In order to achieve the required growth rates, investments must grow faster than the economy as a whole. It is therefore important to further create stable conditions for investors. Share risks between business and government. To encourage interest in technologically complex projects, Maxim Rechetnikov emphasized. The tools developed for this purpose are regularly improved and will be developed within the framework of the National Economics Project and sectoral government programmes.

The lack of technology has to be reduced through technology leadership projects, which have been largely developed and resourced. These projects are designed to develop plant, air, ship and automobile construction, new materials, unmanned systems, and pharmaceutical production. It's also decisions in new energy, genetics and seditions. " Their implementation and quantification will ensure economic growth and beyond the three-year cycle " , added by the Minister.

In addition, the projection takes into account the budget ' s investments in lifting transport restrictions. This concerns the development of roads, rail transport, regional airports, waterways, international transport corridors and border crossings. This includes substantial funds from the Efficient Transport System and Life Infrastructure Projects.

Source: www.economy.gov.ru

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