Alexander Novak outlined three key conditions for Russia’s long-term economic growth
Adapting to challenges in domestic and external markets, ensuring the efficient and rational allocation of resources, and increasing labour productivity — these three fundamental conditions are essential for securing long-term and sustainable economic growth in our country. They were outlined by the Deputy Prime Minister of the Russian Federation, Alexander Novak, during the project "Platform of the Future: 100 Projects of Russia. Economy". The event was held on 19 November at the National Centre RUSSIA.
"What key conditions are needed to ensure long-term economic growth? The first is adaptation to the challenges we observe both in domestic and in external markets. There are three major challenges: a shortage of personnel — today, employment and unemployment levels are at record lows, which creates problems that must be addressed by developing human capital. There are also challenges linked to technological sovereignty — we have been tasked with ensuring technological independence, and we are engaged in import substitution and the development of new technologies that should form an export potential. And there are external challenges — tens of thousands of different restrictions and sanctions require adaptation, and our economy has demonstrated its resilience," said Alexander Novak.
According to the Deputy Prime Minister, the second condition is the efficient and well-considered allocation of existing resources and investments. It is important to direct them to industries capable of delivering rapid results, strengthening competitive positions, meeting the needs of the domestic market and supporting the development of export potential.
The third condition for sustainable long-term economic growth is an increase in labour productivity, Alexander Novak noted. According to him, it is necessary to actively introduce modern technologies, upgrade equipment and software, use robotisation and artificial intelligence, and apply lean production methods. He emphasised that Russia has the potential to enhance efficiency, and this should become the driving force behind economic development, the strengthening of technological independence and the improvement of the country's competitiveness.
"To ensure long-term economic growth, structural changes are receiving particular attention today. Following the instructions of the President, the Government has developed a plan for structural changes consisting of seven sections. It includes, among other things, changes in employment and consumption, the creation of conditions for improving the business climate, issues related to personnel support, as well as changes in the budget, defence, and security — everything that ensures the sustainable development of the economy," added the Deputy Prime Minister.
The "Platform of the Future: 100 Projects of Russia" series of thematic programmes is held at the National Centre RUSSIA. They focus on the national development goals set out in Presidential Executive Order No. 309.
Three more thematic meetings will take place before the end of the year. They will present major initiatives covering the social and infrastructure sectors, the environment, industry, the economy, and culture. Presentations of these projects at the National Centre RUSSIA will be delivered by members of the Government of Russia and heads of ministries overseeing the implementation of national projects and the achievement of national goals.
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