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Reshetnikov: Russia's economy is entering a growth trajectory

Reshetnikov: Russia's economy is entering a growth trajectory

Russia's economy has entered a post-coveted reality. According to Minister of Economic Development of the Russian Federation Maxim Reshetnikov, now it depends on the state what the trajectory of its further development will be.

According to the Minister, we can now talk about the end of the acute phase of the coronavirus crisis. "Thanks to those fairly intensive measures that were taken by the government and the Central Bank on behalf of the President, the economy in the second quarter, we are already recovering. According to the results of 10 months, we see a growth of 4.6%, which is slightly higher than we expected. We see that investment and income are recovering, the unemployment is at a very low level of 4.3%, "- said Reshetnikov.

All this suggests that the economy has overcome the recession and is entering the growth trajectory, he said. "But what will be this trajectory, what will be the quality of growth - will determine the decisions that are being taken now, and the lessons that are emerging from the pandemic," said the minister.

In this regard, the head of the MED noted that the coronavirus accelerated many of the processes that had already been set in motion. For example, the development of platform employment and the spread of remote employment. "Structural changes have accelerated significantly, the state has made a big step - digitalization, new services, the openness of data. But new challenges have also emerged, a lot of technology issues have come up on the agenda. This also sets the trend for the future recovery," Reshetnikov said.

At the same time, he noted that now everyone expects the state to take the leading role. "Not as an investor, rather as an institution that will remove restrictions and provide opportunities. Uncertainty is growing, we can't fully predict what will happen in 2030 or 2035, but we have to be prepared for a different future. To do this we need to launch as many projects and ideas as possible," he is certain.

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Author: Maria Buzanakova