The Ministry of Economic Development and Trade Board summed up the results of work for 2024 and outlined tasks for the future

The Ministry of Economic Development and Trade summed up the results of work for 2024 and outlined tasks for the future

According to the results of last year, the Russian economy showed high growth rates – 4.1%.

The sources of growth were from both demand and supply. On the demand side – government orders, growth in household income and investment.
On the supply side – flexibility of the labor market, increased productivity, decreased unemployment.

📌 Points of economic growth:

• Investments. The President instructed to increase their rate by 60% by 2030. To this end, the limits of the Project Finance Factory instrument have been increased, the procedure for reimbursing expenses for businesses under agreements on the protection and encouragement of capital investments has been simplified.
• Regional development. New special economic zones appeared in three regions last year, and were expanded in seven regions.
• Labor market development. A new federal project will help increase labor productivity.
• Technological development and removal of infrastructure restrictions in transport, logistics, and energy.
• Foreign economic activity. The network of free trade agreements and international investment agreements is expanding. Last year, interaction with African countries strengthened. Work will continue to strengthen interaction with the EAEU and BRICS.

Support for the platform economy, creative industries, and small and medium-sized businesses will continue.

Among the tasks for the current year are reforms of state statistics and the All-Russian Classifier of Economic Activities. This will significantly improve the quality of data on the state of the economy and reduce the reporting burden on businesses.