MOSCOW, March 18. /TASS/. Key domestic challenges to the sustainable and long-term growth of Russia’s economy include budget constraints, rising competition with imports, and slowing investment, Russian Minister of Economic Development Maxim Reshetnikov said at a meeting of the ministry’s board.
The minister pointed to the main task set by the country’s president — achieving a trajectory of long-term economic growth. "This task will have to be addressed amid uncertainty and challenges. External factors include mounting sanctions pressure, trade wars, and geopolitical conflicts. Internal factors include budget constraints, intensifying competition, including with imports, declining profitability of enterprises, and a slowdown in the economy and investment," Reshetnikov said.
According to him, growth potential depends on a number of factors: structural changes in the economy, business investment activity, confidence in the protection of property rights and the speed of enterprises’ adaptation to new conditions, as well as an active foreign economic policy.