President Vladimir Putin has instructed the cabinet to ensure that Russia will be among the world's four largest economies by 2030 based on Gross Domestic Product (GDP) at purchasing power parity.
A list of President Putin's directives was posted on the Kremlin website, after he delivered his State of the Nation Address to the Federal Assembly in February.
TASS (Russia) reported on April 1 that the Russian government cabinet will have to report to the head of state on the progress of implementing the goal by March 31, 2025. After that, they will make an annual report.
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In particular, President Putin also asked the government to increase the value added in the manufacturing industry by at least 40% by 2030 compared to 2022. In addition, the share of imports in GDP is reduced to 17% while increasing non-energy and non-resource exports to at least 66%. The directive requires the government to gradually reduce the number of regions with low fiscal capacity.
In September 2023, President Putin announced that Russia had completed the economic recovery phase. At that time, Putin assessed that the Russian economy was still able to withstand the pressure of sanctions from Western countries.
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Despite sanctions, Russia remains one of the world's largest oil exporters, Euronews reported. Wages in Russia have also risen sharply over the past year, with the lowest earners receiving a 20% increase. Russia has counteracted the impact of inflation, which was 7.7% in February.
The Russian Federal Statistics Service (Rosstat) announced that the country's economic growth in 2023 was 3.6%. Meanwhile, the International Monetary Fund (IMF) estimated that Russia's economic growth last year was around 3%. With Russia's positive economic picture in 2023, the IMF predicted that the country's economic growth in 2024 would be 2.6%.
According to VNA/Tin Tuc Newspaper
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