Putin's government are preparing plans to make a breakthrough in economic development

After participating the solemn ceremony and a thanksgiving service in the Kremlin’s Annunciation Cathedral, Russian President Vladimir Putin, who took an office on Monday, launched regulations listing the instructions for the new authority.

Vladimir Putin
Source: Риа.Новости


The document, which launched on the Kremlin’s website, focus on making a “breakthrough” in the scientific, technological and socio-economic growth of the country in the next six years.

As cited by Putin’s decree, the government should assure, by 2024, that the Russian Federation become one of the five largest economies of the world, and that the economic growth rates are higher than the world ones. In the meantime, Putin required keeping macroeconomic stability that the inflation is kept below 4%.

The number of people living below the poverty level (13.1% of the population or 19.2 million people), as cited by the decree, is to be reduced by 50%, and enterprise must make innovations every second.

Furthermore, the government is responsible in “spreading the creation of digital technologies in the economy and social departure”, as well as “stable population development” and raising the life expectancy: healthy- up to 67 years, and a total- up to 78 years. In the meantime, half of the citizens should, as required by the president, systematically soak up physical culture and sports.

Meanwhile, labor productivity must be crisply raised: it must increase by no less than 5% per year, cited by the decree. This requirement will necessitate the introduction of a national campaign involving at least 10,000 corporations.

In non-primary industries, Putin asks to create export-oriented production, the volume of which will be at least 20% of GDP.
Exported products such as gas and petroleum need to be raised by 1.6 times- to $250 billion a year, of which 50 milliards should be made from machinery products and 45 billion from agricultural products.

Services export also needs to be raised almost twice- from 56 billion dollars last year to 100 billion in 6 years.

The action program for those missions should be completed before October 1, 2018. At that time, the government has been directed to build a speculation report of socio-economic growth, considering the provisions of the decree, as well as identify the “resources” that will be needed for its implementation.

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