Medvedev predicted difficulties for the Russian economy

Commenting on this statement, Medvedev referred to the assumption of economic development that from 2021 the annual economic growth will exceed 3%, thanks, above all, in industries where there are good export potential (we are talking about chemical and food industry and mechanical engineering) as well as through the development of infrastructure and housing.

The Prime Minister promised that Russia will build its economic policy so that, first, “to grow steadily even in these, frankly, not very favorable conditions,” and second, “to ensure sustained improvements in living standards”.

According to Medvedev, the 2019 year will be adapting to the decisions now taken by the Russian government. He expressed the hope that this time will be certain cycles, the adaptation period will be completed and the package of structural changes, which are triggered by the Cabinet of Ministers, as well as measures to improve the business and investment activity will bring the economy to a higher trajectory.

The head of government recalled that according to the forecast of Ministry of economic development will grow steadily, real income, inflation on average will remain around 4%, quite favorable will be the situation on the labour market.

On the draft Federal budget for the year 2019, Medvedev said that he is not just balanced, but will be in surplus for the first time in 2014. External public debt will remain at a relatively low level. According to the Prime Minister, Federal budget revenues made according to the forecast, nearly 20 trillion rubles, while expenditures slightly exceed 18 trillion.

Medvedev promised that in 2019 the government will be able in fact to fully restore the financial protection of the budget from external shocks, which helped the country to survive and the first global financial crisis of 2008-2009 and the second wave of the crisis, when the country in 2014, faced with the pressure of the sanctions.

The government expects that by the end of 2019, the volume of the national welfare Fund will once again reach a maximum for all history of existence of the level due to the rigid budget rule adopted in 2017. “Even despite the relatively high energy prices that we have now (compared to what it was some time ago), we left the cut-off price at the level of $41,6 for a barrel of Urals oil”, – said the head of the Cabinet of Ministers.

Leave a Reply

Your email address will not be published. Required fields are marked *