Russia's Economic Strategy: A Focus on National Development Goals
In a recent meeting on September 17, President Vladimir Putin emphasized the need for a responsible budget policy to achieve Russia's national development goals. The discussion revolved around the draft federal budget for the next three years, highlighting priorities such as social support, defense capability, and technological advancements. Putin stated that these initiatives are crucial for improving the quality of life for citizens and ensuring long-term economic growth.
Key National Projects to Drive Progress
From January 1, 2025, Russia plans to launch several national projects aimed at enhancing various aspects of society. These include initiatives focused on family support, longevity, youth engagement, workforce development, and the digital economy. The government aims to increase the birth rate and average life expectancy while addressing labor shortages and fostering technological innovation. Financial resources will be allocated accordingly in the federal budget to ensure these projects are adequately funded.
Economic Forecast and Budget Considerations
The draft budget is based on socio-economic forecasts predicting GDP growth of 3.9% in 2024, with inflation expected to stabilize at around 4% in the coming years. Despite anticipated budget expenditures exceeding revenues by approximately 2.12 trillion rubles in 2024, experts believe this deficit is manageable compared to Western economies. The government is also exploring tax reforms to enhance efficiency and fairness, which could yield significant additional revenue for the budget.
