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Putin orders Russian economy to outperform world

Christian Fernsby |
Russia’s economy should grow faster than the world by 2030 in part thanks to a 70% increase of non-resource and non-energy goods exports, according to President Vladimir Putin’s decree on the national goals published by the Kremlin on Tuesday.

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Topics: PUTIN   

“To set the following targets for the national goals by 2030 ... under the framework of the Attractive, Effective Labor and Successful Entrepreneurship the gross domestic product growth should outperform the world’s average while maintaining economic stability,” the decree said.

“In the framework of the national goal Attractive, Effective Labor and Successful Entrepreneurship … the real growth of exports of non-resource and non-energy goods of at least 70% as compared with 2020.”

Under the decree, fixed capital investment should also rise by at least 70% by 2030. The government is to ensure gross domestic product (GDP) growth that outperforms global average by 2030.

The decree orders the government to ensure a stable increase of Russians’ incomes and pensions of at least not lower than inflation. It should also ensure at least 120 million square meters per year housing construction so that housing conditions of at least 5 million families improve each year by 2030.

Putin ordered the government to prioritize allocation of money to the national goals while drafting budgets.

“Every year while forming a draft federal budget for the upcoming financial year and for the planned period, the government is to prioritize budget spending on the national goals defined by the first article of the decree,” the document read.

The government was ordered to work out a plan and adjust the national projects in accordance with the decree until October 30.

Putin’s aide Maxim Oreshkin told reporters that the decree defines Russia’s development for the next 10 years and reflects the changes to the Constitution that Russians voted for from June 25 through July 1.

“Following a meeting of the presidential council on strategic planning, the president has signed a decree that approves the national goals of the country’s development until 2030. Essentially, these are the directions that will define how our country will develop in decades to come. To a large degree, they reflect the changes to the constitution that were actively supported by our citizens on July 1,” he said.

Putin will also control the government’s implementation of the projects and achievements of the national goals to the maximum extent possible, he said.

Russia’s development has five clear goals. First, it should preserve Russians’ health. Second, it should create opportunities for people to get good education and improve their talents. Third, it should create high-quality and safe environment, including infrastructure, highways, and housing. Fourth, it should ensure that labor is attractive and efficient and that entrepreneurship is successful. The fifth goal is digital transformation throughout all spheres of life, he said.

The government will prepare changes to the national projects in three months and submit them for consideration of the presidential council this autumn, Oreshkin added.

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