Reshetnikov says the Russian economy continues to recover

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Maxim Reshetnikov, Minister of Economic Development of the Russian Federation. archive photo

Reshetnikov: Industry is developing in the Russian economy, the construction sector is growing

MOSCOW, March 7 – RIA Novosti. Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, January results show that the Russian economy continues to recover: the situation in the industry is improving, the construction industry continues to grow, the labor market is stable.

On Tuesday, on the eve of the annual report of the Prime Minister of the Russian Federation on government work for the past year, he held a meeting with the relevant committees of the State Duma. The Minister reminded that at the end of 2022 Russia’s GDP decreased by 2.1%.

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“Compared to December with seasonally adjusted data, January data shows that the economy continues to recover. In January, we see an improvement in the situation in the industry due to the development of manufacturing industries, transport and logistics corridors – this helps to maintain positive dynamics” in freight turnover. The construction sector continues to grow, the situation in the labor market is stable – the unemployment rate is 3.6%. “Consumer demand is picking up,” he said.

“All this is accompanied by an expected slowdown in inflation. We expect a slowdown in the coming weeks, a significant enough year-over-year decline from what happened last year.”

Talking about priorities, the minister chose deepening integration with friendly countries as one of the most important. Reshetnikov noted that in fact, foreign economic activity is reoriented to new markets, and this includes the development of the necessary infrastructure for transport and logistics, changes in payment infrastructure, etc. declared it needed.

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“The number one task is the reorientation of sales markets. It is important to further increase trade with countries where large markets are created – these are Asia, the countries of the Black Sea basin, the Eurasian Economic Union, the CIS countries – with friendly countries. And of course the Middle East, Southeast Asia, North Africa, Latin “There are opportunities to develop partnerships with American countries,” he said.

Reshetnikov called free trade agreements among the available tools for the development of integration. He also stressed that Russia will continue to support its interests in the World Trade Organization. “The Institute remains a non-alternative mechanism for the civilized development of commerce,” said Reshetnikov.

The head of the Ministry of Economic Development named attracting investments, ensuring technological sovereignty, developing regions and tourism among the priority areas of work of the government.

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Source: Ria


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