25.04.2025, 08:24
Siluanov spoke about strengthening the sustainability of the Russian economy
Source: OREANDA-NEWS
OREANDA-NEWS Russia's macroeconomic policy will focus on strengthening sustainability through reliable public finances, Russian Finance Minister Anton Siluanov said.
"In the future, macroeconomic policy will continue to focus on strengthening sustainability, including through reliable public finances," Siluanov said in a statement to the spring meetings of the governing bodies of the International Monetary Fund and the World Bank.
The minister recalled that the Russian federal budget for 2025-2027 has been developed with a zero primary deficit in accordance with the fiscal rule. "This approach will help protect the economy and public finances from external shocks, strengthen the country's financial sovereignty and trust in economic policy, and support long-term economic growth," Siluanov said.
"The Russian economy has considerable room for political maneuver, and the effectiveness of the country's institutions and responsible fiscal and monetary policies has been proven over time," he said.
The Finance Minister also noted that the Russian economy has already demonstrated resilience in difficult conditions. "After a shallow and short-term recession, the economy has undergone a rapid transformation with high GDP growth rates of 4.1% and 4.3% in 2023 and 2024, respectively. In 2025, a moderate slowdown in growth is expected against the background of lower inflation," he said.
"Over the past two years, employment has increased by more than 2 million workers, and the unemployment rate has dropped to a historic low of 2.4% (as of January-February 2025). Due to the growth of labor incomes, the growth of real disposable incomes is estimated at 7.3% in 2024 (6.1% in 2023). At the same time, investment activity remains at a high level (an increase of 7.4% in 2024), which will contribute to the growth of production potential in the coming years," Siluanov said.
"The sustainability of the economy and the preservation of financial stability are largely the result of our long-term commitment to responsible economic policy," he stressed.
"In the future, macroeconomic policy will continue to focus on strengthening sustainability, including through reliable public finances," Siluanov said in a statement to the spring meetings of the governing bodies of the International Monetary Fund and the World Bank.
The minister recalled that the Russian federal budget for 2025-2027 has been developed with a zero primary deficit in accordance with the fiscal rule. "This approach will help protect the economy and public finances from external shocks, strengthen the country's financial sovereignty and trust in economic policy, and support long-term economic growth," Siluanov said.
"The Russian economy has considerable room for political maneuver, and the effectiveness of the country's institutions and responsible fiscal and monetary policies has been proven over time," he said.
The Finance Minister also noted that the Russian economy has already demonstrated resilience in difficult conditions. "After a shallow and short-term recession, the economy has undergone a rapid transformation with high GDP growth rates of 4.1% and 4.3% in 2023 and 2024, respectively. In 2025, a moderate slowdown in growth is expected against the background of lower inflation," he said.
"Over the past two years, employment has increased by more than 2 million workers, and the unemployment rate has dropped to a historic low of 2.4% (as of January-February 2025). Due to the growth of labor incomes, the growth of real disposable incomes is estimated at 7.3% in 2024 (6.1% in 2023). At the same time, investment activity remains at a high level (an increase of 7.4% in 2024), which will contribute to the growth of production potential in the coming years," Siluanov said.
"The sustainability of the economy and the preservation of financial stability are largely the result of our long-term commitment to responsible economic policy," he stressed.
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