TASS reported that on March 26, Russian Prime Minister Mikhail Mishustin emphasized in his speech to the Russian State Duma (lower house) that the government will continue to take measures to maintain growth momentum, ensure social stability and improve people's lives.
Russia's economy accelerates amid the cycle of embargo
According to Prime Minister Mishustin, Russia is currently among the four largest economies in the world in terms of purchasing power parity (PPP). In 2024, Russia's GDP will grow by 4.1%, many times higher than the average of developed countries. Total GDP reached 200 trillion rubles ($2.3 trillion), nearly double that of 2020.
It is noteworthy that the Russian economy has achieved these achievements in the context of the West continuously tightening sanctions, disrupting the supply chain and the financial system that has taken decades to establish.
Budget revenue in 2024 will increase by more than 25%, helping to ensure social policies, launch many important projects and strengthen national security.
Regional budgets have nearly doubled in the past five years, surpassing 20 trillion rubles ($237 billion) by 2024.
Russia's industrial sector continues to grow strongly with an increase of 4.6% by the end of 2024, of which the manufacturing and manufacturing sector will increase by 8.5%.
According to Prime Minister Mishustin, real incomes of Russian people will increase by 8.5% in 2024, while the unemployment rate will fall to a record low.
Western penalty failed
Sanctions targeting the Russian energy and oil and gas sector have failed to achieve targets, Prime Minister Mishustin affirmed. Russia continues to maintain a strong influence in the global energy market, despite limited efforts from the West.
In fact, the sanctions have shown the importance of a solid industry for economic stability. Russia is increasingly relying on technological innovation in strategic areas to reduce dependence on the outside world - Prime Minister Mitshustin emphasized.
In addition to dealing with sanctions, Russia is also expanding cooperation with friendly partners. The new investment protection agreement between Russia and China has completed negotiations, marking an important step forward in the relationship between the two countries.
Development orientation to 2030
The Russian government is committed to adhering to the national development goals set by 2030 by President Vladimir Putin.
In 2024, all 14 national projects have been completed, thanks to a modern management system that allows real-time progress monitoring.
Entering 2025, 19 new national projects have been approved, focusing on initiatives with great impact and bringing maximum benefits to the country.
Do Western businesses want to return to Russia? Must pass through the "censorship door"
Regarding the possibility of Western enterprises returning to Russia, the government said it would only consider it based on national interests. A special committee will make a decision on each specific case.
Companies that do not declare a withdrawal from Russia, but continue to operate through subsidiaries and are responsible for employees will be given priority for consideration.
