Mikhail Mishustin: “The Government is coordinating closely with the Bank of Russia regarding macroeconomic policy. A range of mechanisms has been refined, and we are actively fostering a supply-side economy. The foundation has been laid. Our economy has demonstrated resilient performance, in contrast to nations that have initiated anti-Russian sanctions.”
Mikhail Mishustin conducts a strategic session on implementing macroeconomic policy for sustainable growth
Mikhail Mishustin conducts a strategic session on implementing macroeconomic policy for sustainable growth
Mikhail Mishustin conducts a strategic session on implementing macroeconomic policy for sustainable growth
Mikhail Mishustin’s opening remarks:
Colleagues,
Today, we will review the key parameters of macroeconomic, fiscal, and monetary policies under current conditions, alongside potential challenges to economic growth.
This year marks the launch of an updated suite of national projects, including those aimed at securing technological leadership. All initiatives are aligned with the long-term strategic objectives set by the President for the next six years.
A complex and large-scale effort lies ahead. We must continue advancing the economy and other vital sectors of national life, notwithstanding present and foreseeable challenges.
Achieving this demands the resolution of numerous tasks. Foremost among these is ensuring balanced growth characterised by low unemployment and moderate inflation – a priority underscored by the head of state.
The Government is coordinating closely with the Bank of Russia regarding macroeconomic policy. A range of mechanisms has been refined, and we are actively fostering a supply-side economy.
The foundation has been laid. Our economy has demonstrated resilient performance, in contrast to nations that have initiated anti-Russian sanctions.
According to preliminary estimates by the Ministry of Economic Development, gross domestic product growth for 2024 reached approximately 4 percent, driven by robust investment and consumer activity.
Notably, the manufacturing sector emerged as the primary driver, expanding by 8 percent – exceeding initial projections. This sector generates significantly higher value-added contributions compared to raw material sales, underscoring the increasing technological sophistication of Russia’s economy. It is imperative to sustain and reinforce this trajectory in the coming years.
All necessary measures must be taken to safeguard macroeconomic stability. This constitutes a fundamental prerequisite for maintaining positive momentum across the nation’s facets of life.
