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02.04.2013

Socioeconomic growth plan of Russia lasting until 2030

The Russian Ministry of Economic Development has presented a long-term...

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Home Socioeconomic growth plan of Russia lasting until 2030

Socioeconomic growth plan of Russia lasting until 2030

The Russian Ministry of Economic Development has presented a long-term socioeconomic growth plan lasting until 2030. The document outlines three main scenarios which are conservative, innovative and forced. They are all expected to maintain market-trend globalization by considering a faster world trade growth and income gap reduction between developing and developed countries by 2030. The scenarios differ only to the extent of Russia's economic modernization, possible budgetary constraints levels and demographic forecasts.

 

For instance, the conservative scenario is characterized by a more active modernization of fuel, energy and raw materials sectors. At the same time, it predominantly focuses on technology and information import. An average annual GDP growth is estimated to be 3-3.2% and 4.7% of fixed assets investments.

 

The innovation scenario is aiming to increase investments in economic growth. Moreover, it is based on intentions to create a modern transport infrastructure, competitive and high-tech industries and economic information along with the energy resource complex modernization. An average annual GDP growth is estimated at 4-4,2% and 5.9  % of fixed assets investments.

 

The forced scenario is directed towards intensification of all available growth factors. It involves accelerating reforms that will improve business climate, encourage national savings, and increase government investments on social, energy and transport infrastructure development. Apart from that, the reforms will help create a large-scale non-oil export sector and stimulate a significant flow of foreign investments. An average annual GDP growth is estimated at 5-5,4% and 8.2% of fixed assets investments.