creating the future

Andrei Belousov at the RUSSIA EXPO: "The strategic goal is the development of the supply-side economy"

Andrei Belousov at the RUSSIA EXPO: "The strategic goal is the development of the supply-side economy"
Expo News
Photo: Anatoliy Medved/Fotohost-RIA News agency
08.05.2024

The goal of the Russian economy is to reach the 4th place in the world by 2030 in terms of GDP in purchasing power parity. It is planned that by this indicator Russia will overtake the economy of Japan. This was announced by Acting First Deputy Prime Minister of Russia Andrei Belousov at the plenary session of the National Priorities Day "Efficient and Competitive Economy" of the International RUSSIA EXPO.

The national development goals of the country for the period up to 2030 and in the perspective up to 2036 were set in the relevant Decree of the President of the Russian Federation Vladimir Putin. One of the main goals that ensures economic growth is the development of the supply-side economy by improving labor efficiency, increasing the production of goods and services, increasing investment and income and, as a result, increasing final demand.

"It is necessary to create conditions when the impetus for growth arises not from the outside, not from the side of money demand. It appears inside the production sector itself. This can be achieved by improving the employment structure, expanding entrepreneurial activity, ensuring investment growth, increasing the efficiency of the real sector and services, increasing labor productivity, including automation, new management systems and the development of artificial intelligence technologies," said Andrei Belousov, outlining the main directions for the introduction of supply-side economics.

According to him, the drivers of growth in the structure of goods and services should be information technologies and communications, culture and sports, healthcare and social services, education and scientific and technical activities. At the same time, the growth rate of supply in information technology and communications in 2030 on an accrual basis by 2024 should exceed 130% of GDP.

"GDP growth by 2030 is broken down into three components: growth in consumer spending, followed by growth in labor productivity and real wages - this is the bundle, the impetus that comes from the supply side; investment in fixed capital and oil and gas exports," said Andrei Belousov. These three factors give about 16% of GDP growth.

Photo: Anatoliy Medved/Fotohost-RIA News agency

Among the conditions for growth of the supply-side economy, Andrei Belousov noted four main drivers. The first is the dynamics of labor productivity, which includes a combination of four simultaneously operating growth factors: "lean manufacturing", digitalization of business processes, automation of production and technological processes, as well as qualified personnel.

The second is investment growth. It will require a change in the structure of the source of investment funding throughout the period.

"If today this structure carries 24% of borrowed funds, about 20% of budgetary funds and 56% of own funds, then by 2030 the amount of borrowed funds will be expanded by 4% and will amount to about 30%," said Andrei Belousov.

The third is the growth of non-resource non-energy exports. Due to the national projects "International Cooperation and Export", initiatives of VEB.RF and REC, as well as road maps for the development of transport and logistics corridors, the growth rate of non-resource non-energy exports with government support in real terms will increase by more than 1.5 times by 2030.

The fourth one is the formation of transport and logistics corridors for Russian cargoes, the throughput and carrying capacity of which will exceed 1.4 billion tons by 2030 under the target scenario, summed up Andrei Belousov.

According to Maxim Reshetnikov, Acting Minister of Economic Development of Russia, the value guidelines in the Government's work on the development of the supply-side economy are the quality of its key institutions: private property, freedom of pricing and competition.

"We will build and develop the economy on these three postulates in the coming years," emphasized the head of the Ministry of Economic Development of Russia.

Photo: Anatoliy Medved/Fotohost-RIA News agency

In particular, he noted that business should be more actively involved in the development of the institution of ownership by selling to it those assets that are not critical to national interests and can be managed by the private sector more effectively. In the conditions of sanctions and restrictions, the interests of domestic producers are actively protected. Moreover, the principle of competition within the country is also supported through the search for new partners in friendly states, expansion of free trade zones, growth of investments and development of cooperation. A favorable investment climate, beneficial and predictable conditions for investors are being formed in the private capital sector.

"The structure of investments is changing, projects are becoming more complex and technological. The main thing is to maintain the pace, not to let the challenges and constraints "accelerate". For this purpose, we use instruments of hedging interest risks, providing stable conditions," Maxim Reshetnikov emphasized, adding that the supply-side economy is the economy of practical solutions.

The plenary session of the National Priorities Day "Future Opportunities: Efficient and Competitive Economy" was also attended by Maria Bagreyeva, Deputy Mayor of Moscow, Head of the Department of Economic Policy and Development of Moscow, Andrei Chibis, Governor of the Murmansk region, Petr Fradkov, Chairman of Promsvyazbank, Alexander Isaevich, CEO of SME Corporation, Sergei Shishkarev, Chairman of the Board of Directors of Delo Group of Companies, representatives of regions and industry communities.

The discussion focused on supply-side economy, labor productivity, the role of federal and regional authorities in improving the investment climate, support for high-tech industries, SMEs and business activity. The discussion revolved around the influence of the financial sector on the stimulation of investment attraction by enterprises, and the removal of transport and logistics restrictions to ensure the country's logistical sovereignty.

It is worth reminding that the RUSSIA EXPO is held on the territory of VDNH in Moscow from November 4 to July 8. It has already been visited by more than 12 million people. The RUSSIA EXPO features expositions of 89 Russian regions, leading federal agencies, corporations and public organizations.

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