- 1990 – 2000 – difficult political situation, privatization.
- 2000 – 2004 – consolidation of oil assets within the perimeter of state-owned companies, creation of the Stabilization Fund.
- 2004 – 2008 – creation of major state corporations: Rostechnologies, Rosatom, United Aircraft Corporation, United Shipbuilding Corporation, etc. Launch of national projects: “Affordable and Comfortable Housing for Russian Citizens”, “Healthcare”, “Education”, “Development of the Agro-industrial Complex“.
- 2008 – 2012 – the program of technological modernization, establishment of Skolkovo and Rusnano JSC, commercial application of GLONASS system.
- 2012 – 2018 – “May” decrees, 5-6% target GDP growth rate, the need for innovation of the Russian economy, establishment of SME development institutions, Industry Development Fund and the Russian Export Center.
- 2018 – 2024 – COVID-19 pandemic, appointment of Mikhail Mishustin as Prime Minister, creation of the “Development Group” headed by VEB.RF, application of state support measures, development of the defense industrial sector.
- 2024 – 2030 – new national projects: “Family”, “Youth of Russia”, “Personnel”, development of support measures: subsidies for R&D, secured loans in the industrial sector, interest rate subsidies, export of agro-industrial complex products to increase 1.5 times.
Economic development of Russia in the period from 2012 to 2018. (the third presidential term)
Key takeaways:
- In 2012, in the run-up to the elections, a series of pre-election articles were published in a number of Russian media outlets.
- In May 2012, 11 “May decrees” were adopted.
- In December 2012, as part of the address to the Federal Assembly, the target GDP growth rate was set at 5-6% per year.
- The innovation cycle of the Russian economy was necessary.
- The following development institutions were established: SME Corporation (2015), the Russian Export Center (2015), Industrial Development Fund (2014).
Policy Papers
23.01.2012, article “Russia Focuses – Challenges We Must Meet”.
- Russia has emerged from a deep recession. The economy is growing.
- A middle class (20-30% of the population) has formed in Russia over the last 10 years.
- Welfare gains in the past decade have largely come at the expense of bringing order to the distribution of natural rents.
- Oil revenues were used (1) to increase population incomes. And – to have (2) national savings in case of crises and cataclysms (creation of the Stabilization Fund).
- The task of diversifying the economy, creating new sources of growth.
23.01.2012, article “Russia: The Ethnicity Issue“.
- Self-determination of the Russian people is a multi-ethnic civilization, bound together by the Russian cultural core.
- It is the cultural code that has been severely challenged in recent years, attacked by hostile forces that persistently tried to break it.
30.01.2012, article “We need a new economy”.
- An innovation cycle of the Russian economy is necessary.
- The size of the domestic market needs to be increased, which will make more attractive for direct investment.
- The Customs Union (since 2010 – Russia, Kazakhstan and Belarus, since 2014 – Armenia, since 2015 – Kyrgyzstan), the Common Economic Space and CIS free trade zone have been formed in recent years.
- Russia, with its vast territory, experience a lack of construction sites. The reason is an underdeveloped infrastructure.
06.02.2012, article “Democracy and the quality of the state”.
- It is necessary to provide for an “active right” – give citizens an opportunity to shape the legislative agenda themselves, put forward their own projects and formulate priorities.
20.02.2012, article “To be strong: national security guarantees for Russia”.
- Even today we hear analysts say that “the issue will soon “objectively” arise that national sovereignty should not extend to the resources of global importance”.
Russia should achieve GDP growth rate of 5-6% per year, according to the announcement of the annual message to the Federal Assembly.
- We have launched a national entrepreneurial initiative together with representatives of the business community. Experts say that Russia’s hitting the top 20 countries with the best business climates will allow us to add at least 2.5 percent to today’s GDP growth, with additional growth primarily in the non-resource sector as well as small and medium-sized businesses.
- The quality of work of regional management teams is the most important factor of economic recovery, and it is possible to add another 2-2.5 percent to these four. Here’s how we get a 5 to 6 percent growth.
- We need cheap and “long” money to lend to the economy, reduce inflation, and promote competitive bank rates.
- Russia, as you know, accounts for more than half of the planet’s fertile lands – 55 percent. Russia should become the world’s largest food supplier.
- We need to strengthen our positions in space, nuclear power, revive basic industries: aircraft business, shipbuilding and instrument engineering, but of course, on a new basis, new level, and a new technological foundation. We have already started to recreate our national electronics industry, actively attracting the private capital among other things.
Development institutions SME Corporation (2015), the Russian Export Center (2015), Industrial Development Fund (2014) have been established.
Economic development of Russia in the period from 2018 to 2024. (the fourth presidential term)
Key takeaways:
- COVID-19 pandemic.
- Mikhail Mishustin was appointed the Chairman of the Government of the Russian Federation in 2020.
- Adoption of national projects “Human Capital”, “Comfortable Living Environment” and “Economic Growth”, as well as projects related to unmanned systems, creation of data economy, to be implemented until 2030, establishment of an independent domestic industry of space services, technologies and products based on the modern organizational and financial mechanisms, with an increased participation of private companies.
- “Development Group” headed by VEB.RF was established
- Development of defense industrial sector, financing the special military operation.
In 2018, Russia adopted national projects of federal scale developed in three categories: “Human Capital”, “Comfortable Living Environment” and “Economic Growth”.
They are indirect successors of Russia’s priority national projects adopted in 2005.
In 2020, Mikhail Mishustin was appointed the Chairman of the Government of the Russian Federation.
In 2020, the Government appointed supervisors for the general issues of national projects implementation (federal officials).
Within the framework of national projects administration, VEB.RF declared its readiness to assume the role of an expert and investment partner that could support projects at the pre-project stage, carry out complex project structuring, become an operator of individual complex projects within the framework of national projects, taking over some functions from federal authorities on outsourcing principles.
VEB.RF is the Russian state development corporation providing financing for social and economic projects and participating in the implementation of national projects.
Russia’s development institutions (the so-called “Development Group”), which include Rosnano, Skolkovo Foundation, the Russian Export Center, SME Corporation, Industrial Development Fund, Innovation Promotion Fund and other development institutions, were placed under the management of VEB.RF.
Economic development of Russia in the period from 2024 to 2030. (the fifth presidential term)
Key takeaways:
- Plans are in place to launch new national projects: “Family”, “Youth of Russia”, “Personnel”.
- The Strategy for Scientific and Technological Development of Russia has been adjusted. Russia is launching new national projects of technological sovereignty within the framework of this strategy.
- We have formed an industrial “menu”, the list of the possible support measures: subsidies to companies for R&D, secured loans in the industrial sector, we will replenish the Industrial Development Fund by at least 300 billion rubles, 200 billion rubles more will be allocated within the framework of cluster investment platform to subsidize interest rates for projects dealing with the production of priority industrial products.
- By 2030, the output of the Russian agro-industrial complex should grow by at least a quarter compared to 2021, and exports should increase by one and a half times.
On February 29, 2024, the President delivered his address to the Federal Assembly of the Russian Federation.
Basic economic theses:
- New types of weapons have been developed: “Kinzhal” hypersonic aircraft system, “Zirkon” hypersonic sea-based complex, hypersonic blocks of intercontinental range “Avangard”, “Peresvet” laser systems. Tests are being finalized of Burevestnik unlimited-range cruise missile and Poseidon unmanned underwater vehicle. The first mass-produced Sarmat heavy ballistic missiles were also delivered to the troops.
- There are plans to launch new national projects: “Family”, including support in the form of family mortgages and maternity capital, “Youth of Russia”, and “Personnel”.
- The Strategy for Scientific and Technological Development of Russia has been adjusted. Russia is launching new national projects of technological sovereignty within the framework of this strategy.
- Given the demographic challenges we are facing, the high need, or to put it bluntly, the shortage of human resources, it is critical for us to dramatically increase productivity – this is one of our key tasks.
- Introduction of digital technologies in management, growth of energy- and resource-efficient economic proposals and implementation of such proposals, cross-cutting modernization of industrial facilities, their robotization and automation. By 2030, Russia should be among the world’s top 25 countries in terms of the number of industrial robots.
- The level of gross value added of Russia’s manufacturing industry should increase by at least 40% compared to 2022 during the next 6 years.
- We have already formed a kind of industrial “menu”, the list of possible support measures. Companies implementing industrial projects can choose the optimal support measures, capital investment protection and promotion agreements, special investment contracts, cluster investment platforms, subsidies to companies for R&D.
- Subsidies to companies for R&D, and for expansion of secured loans in the industrial sector. Through this program we will additionally build and modernize more than 10 million square meters of production space.
- We will replenish the Industrial Development Fund by 300 billion rubles and allocate at least 200 billion more within the framework of the cluster investment platform to subsidize interest rates for projects dealing with the production of priority industrial products.
- We will continue the development of industrial technoparks with a focus on the promotion of small and medium-sized businesses in accordance with our technological priorities, and we need to create at least 100 more such sites by 2030.
- It is planned to launch a special regime for initial public offerings regarding shares of companies operating in priority high-tech areas.
- The Russian stock market needs to strengthen its role as a source of investment.
- Another fundamental requirement: domestic businesses must operate in the Russian jurisdiction and not withdraw funds abroad.
- A 20 percent increase was observed in the number of young entrepreneurs under the age of 25 in 2023.
- By 2030, the output of the Russian agro-industrial complex should grow by at least a quarter compared to 2021, and exports should increase by one and a half times.
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