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06/07/2024
Putin named ten structural changes in the Russian economy
Full story: https://scobricsinsight.com/putin-named-ten-structural-changes-in-the-russian-economy
By Rhod Mackenzie
Vladimir Putin outlined ten structural changes in the Russian economy, which have enabled the country to become the fourth largest economy in the world while maintaining its growth rate. The president also announced the adoption of new measures to support regions, citizens and businesses. These include the expansion of the family mortgage programme, indexation of the minimum wage and pensions.
Vladimir Putin outlined ten structural changes taking place in the Russian economy. At the plenary session of the St. Petersburg International Economic Forum (SPIEF), the President noted that the country’s leadership intends to actively develop and support these trends in a targeted manner.
Foreign economic relations "Our relations with countries in Asia (60% growth), the Middle East (doubled), Africa (69%) and Latin America (42%) are strengthening," the Kremlin's official website quotes Putin. These states currently account for approximately three-quarters of the total trade turnover of the Russian Federation.
In addition, Mr. Putin highlighted the achievements of collaborative efforts with partners in the EurAsEC. The total GDP of the union countries grew by 3.8% last year, while the volume of mutual trade increased by 4.7%. Furthermore, the structure has undergone a qualitative improvement, with an increase in the supply of finished high-tech products. "We will actively support the growth of non-resource, non-energy exports from Russia," the president noted.
"In the eastern direction, our primary focus is on the development of the so-called Eastern Railway Range, which will connect China and the countries of the Asia-Pacific region." In April, the parameters of the next, already third, stage of its modernisation were approved. By 2030, the carrying capacity of the Eastern railway range is expected to reach 210 million tons, with an additional 60 million tons expected by 2032.
Furthermore, plans for the development of the Azov-Black Sea corridor have already been approved. Furthermore, Mr. Putin announced his intention to continue the active development of the Northern Sea Route. He further stated that the volume of transportation along the route may exceed 150 million tons in the future.
"A particular focus is placed on the leaders of our northern subjects of the Federation in this regard. In this regard, the head of state has emphasized the formation of a commission within the State Council for the development of the Arctic regions and the Northern Sea Route. By 2030, the total volume of traffic along international transport corridors through Russian territory is expected to increase by 1.5 times compared to 2021.
Moscow also demonstrates excellent results in the field of international payments. Between 2021 and 2023, the share of the ruble in payments for domestic exports increased significantly, from 13% to 39%. Furthermore, work is currently underway within the BRICS to establish an independent payment system.
Economic Growth
As you are aware, Russia’s GDP growth was 3.6% at the end of last year and 5.4% in the first quarter of this year. This means that our rates exceed the global average. Mr. Putin highlighted the significance of these developments, noting that...
By Rhod Mackenzie Vladimir Putin outlined ten structural changes in the Russian economy, which have enabled the country to become the fourth largest economy...