The Minister for Economic Development of the Russian Federation, Maxim Rechetnikov, presented at the meeting of the Government the basic parameters for the forecast of the economic and social development of Russia for 2025-2027.

" Our economy is steadily developing despite external shocks. In the period 2020-2023, GDP growth was 5.5%. This is higher than in many developed countries.” The Minister emphasized. GDP is expected to grow by +3.9% in 2024. Total GDP will grow by 13 per cent for 2024-2027.

About 30 per cent of GDP growth will provide investment. As a result of this year, the Ministry forecasts an increase of 7.8 per cent. In the coming years, while maintaining the high level of budgetary investment achieved, the main contribution will be made by the enterprise ' s own funds, the head of the Ministry of Economy and Development.

At the same time, consumer demand will continue to grow, bringing about 60 per cent of total GDP growth. " Consumer activity will be achieved primarily by increasing the real income of the population. The main contribution will be to wage increases, while the unemployment rate remains low, was explained by Maxim Rechetnikov. In addition, income growth will be achieved through social payments. These include decisions to index pensions to active pensioners and to increase support to families with children.

Increasing demand will be met primarily through the production of domestic goods and services and the development of supply economies. The growth of manufacturing, agriculture, tourism, services and other domestic industries is expected to continue.

" We believe that the forecast is realistic and allows for a sustainable budget. It takes into account the costs of implementing the President ' s message, new national projects. The Minister emphasized the economic policy measures aimed at " unleashing " the lack of core resources " .

He said that sustained economic growth needed to increase productivity above historical trajectory across the entire forecasted horizon. The federal project " Labour productivity " under the project " Efficient and Competitive Economy " is aimed at this. " The key focus of the national project on social productivity growth, the creation of special programmes for industries with the lowest productivity growth in recent years " was said by Maxim Rechetnikov.

Moreover, in order to achieve the necessary GDP growth rates, investments must increase faster than the economy as a whole. " Build a wide range of investment support tools. This is the SPC, the use of FNB funds, the Project Finance Fabrication, the TCT taxonomy, the EEZs, concessions, PPPs, IBC, the KIPs, the Region and others. These tools will be further developed through the national " Efficient and Competitive Economy " project, sectoral government programmes, added by the Minister. He noted that economic policies should ensure stability and risk sharing for investors, encourage investment in technologically complex and therefore risky projects. It is also important to launch an investment tax deduction mechanism.

Source: www.economy.gov.ru

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