The Ministry of Economic Development has prepared scenarios for the development of the Russian economy until 2030

The Ministry of Economic Development, together with relevant departments, on behalf of Prime Minister Mikhail Mishustin, prepared scenarios for the development of the Russian economy until 2030, reported on the website of the ministry.

The developed scenarios were presented by the Minister of Economic Development Maxim Reshetnikov at the consolidated strategic session held on August 30 on the main directions of economic policy under sanctions. The target scenario assumes accelerated adaptation to new conditions – the proposed systemic solutions should help overcome the recession and achieve sustainable growth as early as 2024. “Today we are moving forward precisely in this scenario, having implemented a plan of priority actions,” Reshetnikov said.

It is assumed that the positive dynamics will primarily be provided by internal growth, both consumer and investment, priority areas were developed at specialized sessions. The first issue to be resolved is the restructuring of import and export directions, which is spelled out in the transport and economic balance until 2030. These changes will require the development of transport and logistics infrastructure, taking into account new needs.

“The second direction is to support import substitution projects in various industries. The third is to ensure technological independence. A separate priority is digitalization and the creation of its own basis in the form of equipment and software. Maximum attention will be paid to supporting private investment activity,” the ministry said in a statement.

The government will have to provide funding for the “reconfiguration of the economy”, taking into account the closure of access to foreign funds.

Mishustin said at the session that in September the work done would be reported to Russian President Vladimir Putin, and, taking into account his instructions, a draft federal budget would be submitted to the State Duma.

Earlier in the day Mishustin declaredthat the situation in the Russian economy was stabilized thanks to joint decisions of the government and the Central Bank. At the same time, in his opinion, the financial system under the conditions of sanctions needs “serious adjustment”.

The main task now is “to take medium-term measures aimed at restoring growth rates, and this requires the comprehensive development of all sectors: stock, banking, insurance and pensions,” the prime minister said.