Translation. Region: Russian Federal
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
The discussion was also attended by the CEO of the Russian Direct Investment Fund, Special Representative of the President for Investment and Economic Cooperation with Foreign Countries Kirill Dmitriev, Chairman of the State Corporation VEB.RF Igor Shuvalov, Chief Executive Officer of Alfa-Bank Vladimir Verkhoshinsky, Chairman of the Management Board of Gazprom Neft PJSC Alexander Dyukov, Founder and Chairman of the Board of Directors of the AEON Infrastructure Corporation Roman Trotsenko.
In 2024, the IMF recognized Russia as the world’s fourth largest economy in terms of purchasing power parity. In order to maintain and increase such results by 2030, it is necessary to continue growing steadily. This task, as Alexander Novak emphasized, will require serious efforts.
“The President outlined the task of achieving growth rates of the Russian economy above the world average. For this purpose, the national project “Efficient and Competitive Economy” was formed and the President defined the national goal – a sustainable and dynamic economy. We need to create conditions for achieving economic growth,” said Alexander Novak.
He added that the economy has been growing at a high rate over the past two years – above 4% per year. In the first four months of 2025, GDP growth was 1.5%. In April, according to the Ministry of Economic Development, it was 1.9%. There is a controlled cooling of the economy and a strict monetary policy is being implemented to combat inflation.
“I am confident that as a result we will reach our potential for economic growth – 3% per year. To do this, it is necessary to structurally change and modernize the economy, increase the share of non-resource industries, support and ensure technological leadership. We are talking about such industries as microelectronics, pharmaceuticals, shipbuilding and aircraft construction, robotics, mechanical engineering and machine tool building, etc.,” said Alexander Novak.
Speaking about systemic development, he stressed that it is also necessary to ensure the operation of basic industries that today form the basis of the economy. These are the fuel and energy complex, the forestry complex, transport, and infrastructure. At the same time, the task of increasing efficiency concerns all industries. To do this, it is necessary to introduce modern technologies, switch to platform digital solutions, and increase labor productivity. This will ensure investment growth. And the state, in turn, guarantees support for entrepreneurship through national projects, the creation and improvement of development institutions, and the training of professional personnel.
“This work will be effective with the joint efforts of the federal center, regions and business, which will ensure sustainable economic growth, allowing it to be fourth in the world and move forward in the long term,” the Deputy Prime Minister concluded.
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