News

Minister cites main drivers of economic development

17 March 2017

Private investment is currently the main driver for accelerated economic growth, Russian Minister of Economic Development Maxim Oreshkin said at a congress of the Russian Union of Industrialists and Entrepreneurs.

“The basic idea of the whole plan [to increase economic growth rates by 2025] is that only private market investment may be the main driver for accelerating economic growth in the current situation”, Oreshkin said.

Oreshkin said he expected economic predictability and the “establishment of mutual trust between business and the government” will contribute to growth in investment.

The government has already made progress in achieving a sustainable macroeconomic policy, but this is not sufficient for growth in investment activity, he said. Stability in the tax system, natural monopolies tariffs and the system of control and oversight is also essential, he said. Another one of the government’s objectives is effective employment, specifically growth in labour production and the skills of the workforce, as well a reduction in structural unemployment.

Back to news