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Russia’s economic growth to accelerate to over 3% in 2017

July 03, 2014, 14:53 UTC+3 MOSCOW

The 2015-2017 federal budget will set aside over $78 billion for the payment of wages and salaries

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© ITAR-TASS/Anton Tushin

MOSCOW, July 3 /ITAR-TASS/. The Russian government expects the national economy to grow, despite the unfavorable economic scenario for this year, Prime Minister Dmitry Medvedev said on Thursday.

Medvedev chaired a government meeting on Thursday to discuss the federal budget parameters and state program financing until 2017.

“This scenario (of Russia’s social and economic development) unfortunately envisages a general economic deterioration and slower economic growth this year. Then, the growth is expected to accelerate gradually to 2% next year and to over 3% in 2017,” Medvedev said.

The 2015-2017 federal budget will set aside over 2.7 trillion rubles ($78 billion) for the payment of wages and salaries, the premier said, adding the government’s social obligations were a priority in the forthcoming budget period.

More than a half of federal budget funds are spent through the mechanism of state programs. In 2015, the government intends to implement 46 targeted state programs to the amount of over 1 trillion rubles (about $30 billion) in budget financing, the premier said.

The same budget financing principle will now be used by regional and local governments, including Russia’s two new constituent entities - the Republic of Crimea and the city of Sevastopol, the premier said.

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