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The drop in oil prices and Western sanctions have led Russia to start looking for new drivers to help grow its economy, move away from commodities dependency towards technologies, and improve the business climate and the country’s profile worldwide. In addition to the action plan for the next six years, which is expected to bring the national economy to growth rates above the global average, the Ministry of Economic Development and the Center for Strategic Research led by Alexey Kudrin are developing a long-term strategy through 2035.
However, stagnation is something Russia cannot afford, given its commitment to catching up with developed economies and securing its place among global leaders. In late 2016, President Vladimir Putin instructed the Government to develop a comprehensive plan through 2025 to help the Russian economy sustainably grow at a pace above the global average. This effectively means GDP adding between 3% and 3.5% a year.
Also, Vladimir Putin instructed Alexey Kudrin’s Center for Strategic Research to come up with Russia’s new development strategy from 2018 through 2024 and have it presented by May.
These measures will become part of Russia’s Development Strategy through 2035, a longer-term action plan. To ensure public involvement in the effort, the Center for Strategic Research set up a dedicated website at russia2035.ru, and the Ministry of Economic Development launched gasu.gov.ru/strategy-2035, a portal where everyone can propose their ideas to advance the country's development and also get updates about the performance of various agencies and institutions.
Russia aims to develop the digital economy, create and roll out the latest technologies, replace imports, and ramp up hi-tech exports.