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Russia’s key task is transition to sustainable economic development model — Novak

According to the Russian deputy prime minister, this is precisely what the structural transformation plan is aimed at

Russian Deputy Prime Minister Alexander Novak Dmitry Astakhov/POOL/TASS

Russian Deputy Prime Minister Alexander Novak

© Dmitry Astakhov/POOL/TASS

MOSCOW, August 19. /TASS/. Russia’s key task is to transition to a sustainable economic development model, and the structural transformation plan is aimed at achieving this goal, Russian Deputy Prime Minister Alexander Novak said at a meeting of the Council for Strategic Development and National Projects.

"Given the current challenges, our key task is to transition to a sustainable economic development model. This is precisely what the structural transformation plan is aimed at. It envisages transforming the structure of the economy in such key areas as investment, the labor market, income and consumption, technological development, foreign trade, and formalization of the economy," he said.

Novak noted that last year, targets were met for 31 of the 33 indicators under the economic structural transformation plan. "In the first half of this year, targets were met for 12 of the 14 indicators, including eight ahead of schedule. Of the plan’s 55 measures, 11 have been fully implemented, while 44 are underway in line with the established timelines," the deputy prime minister added.

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