Work has begun on a road map for sustainable growth in the non-mineral-resources sector of the economy

19 september 2018

The Analytical Center hosted the first meeting of the methodological sub-group of the Growth Strategy Interdepartmental Work Group, which will be implementing the Russian president's order to develop a road map for sustainable growth in the non-mineral-resources sector of the economy. The work group is headed up by the head of the Analytical Center Vladislav Onischenko and business ombudsman Boris Titov.

The road map is being developed by the Analytical Center, the Ministry of Industry and Trade, the Ministry of Agriculture, the Ministry for Economic Development, the Bank of Russia and other organizations that have a stake in it.

The work group is subdivided into sub-groups that focus on taxation and budgeting policy, on rates policy, on financial and credit policy and regulatory policy. There is also a sub-group for territorial and industry specific projects, change management, protection of the rights and interests of entrepreneurs, as well as a methodological sub-group which functions include modeling effects and describing approaches to developing strategic projects, spatial and regional policies.

The first results are expected in October.

GDP is forecast to grow 1.5–1.8% in 2018, a practically non-existent growth that can be characterized as economic stagnation, the participants in the meeting noted. If the goal that the president set for achieving economic growth on a par with the global average is to be attained, effective state policy measures are needed to promote growth and change the structure of the economy by promoting growth in the processing sector, small and medium sized manufacturing businesses and innovations.

The dependence of economic growth on the global oil prices has diminished significantly over recent years. Today it is more important than ever to take advantage of the opportunities given to the country by the rising prices of energy resources to promote growth in the non-mineral resources sector of the economy, which should allow the country achieve economic growth above the global average, as it's the non-mineral-resources related sectors that generate maximum added value, members of the Work Group believe.

The experts are of the opinion that in the future the non-mineral-resources sector will protect the domestic economy against price fluctuations in the commodity markets and secure for Russia a place among the top most developed economies in the world.