Russia's GDP surpasses 200,000 billion Rubles, "passes through" unprecedented sanctions, reveals 6-year economic strategy

In 2024, Russia's Gross Domestic Product (GDP) will increase by 4.2% and exceed 200 trillion rubles (equivalent to 2,370 billion USD), nearly double compared to 2020 (107,300 billion rubles). The driving force of Russia's economic growth is domestic demand, both investment and consumption.

Russia will focus on strategic priorities such as financial, industrial, scientific sovereignty and increasing the competitiveness of the economy. (Source: Getty Images)

The above information was stated by Russian Prime Minister Mikhail Mishustin on March 26, when presenting the government's report to the State Duma (Lower House).

According to the Russian Prime Minister, the unprecedented scale of sanctions against the birch country once again shows that in order to ensure a stable situation in the economic and social sphere, it is important to have a strong and self-sufficient industry.

Over the next six years, Moscow will focus on strategic priorities such as financial, industrial, scientific sovereignty and enhancing economic competitiveness.

Last year, federal budget revenues increased by more than a quarter (to 36,700 billion rubles), Mikhail Mishustin revealed.

This fulfills social obligations, creates favorable conditions for launching new promising projects and implementing measures in the field of national security, including special military operations.

According to the results of 2024, Russian industry grew by 4.6%, mainly thanks to the manufacturing sector, which grew by 8.5%. Machine building made a significant contribution to this result, increasing the volume of high-tech products by almost 20%.

In the metallurgical sector, growth reached about 8%, the chemical industry had good momentum – the growth rate of production of medicines and medical supplies reached 18%.

According to the head of government, Russia's exports to friendly countries increased by almost 8.5% by the end of 2024, and its share in total export volumes has doubled over the past six years.

In addition, Russians' real disposable income in 2024 will increase by 8.5% while unemployment is falling to a record low.

The nominal size of per capita income in the country amounted to 63,083 rubles, an increase of 8.4% over the past year.

Regarding current tasks, according to Mr. Mishustin, the government is coordinating with the Central Bank of Russia to strengthen macroeconomic stability, reduce inflation and ensure resilience to external shocks.

At the same time, increase labor productivity and overcome labor shortages, maintain population, improve people's welfare and quality of life, build infrastructure, form a supply-side economy and create conditions for balanced regional development.

2025 is the year of national projects. Therefore, Prime Minister Mishustin said that a total of 19 national projects have been approved.

A new step in Russia's digital development will be the implementation of the national project "Data economy and digital transformation of the state".

The government has also prepared eight major projects on technological leadership in a completely new format, capable of ensuring breakthrough results in science and industry. The ninth project on the development of bio-economic technology is being prepared for implementation.

Source: https://baoquocte.vn/nga-gdp-surpasses-200000-ty-ruble-di-qua-trung-phat-chua-tung-co-he-mo-chien-luoc-kinh-te-6-nam-309062.html