May 21, 2017

Russian National Economic Security Strategy until 2030 approved

Vladimir Putin signed the Executive Order On the Russian Federation Economic Security Strategy until 2030.

May 15, 2017  


The strategy defines the economic challenges and threats and also the goals, priority areas and tasks for state economic security policy.

The Strategy aims to counter economic security challenges and threats, prevent crisis situations in the raw materials, production, science and technology, and financial sectors, and maintain people’s living standards.

Among the main economic security threats and challenges the Strategy includes the developed countries’ desire to use their economic and high-tech development advantages as instruments in global competition, the use of discriminatory measures against key sectors of the Russian economy, the Russian financial system’s vulnerability to global risks, technology lag, imbalances in the national budget system, high levels of crime and corruption in economic life, and growing gaps in personal income, regional development levels, and pace of socioeconomic growth.

Among the main policy goals for ensuring economic security, the Strategy lists strengthening economic sovereignty, bolstering the economy’s resistance to internal and external factors and threats, ensuring economic growth, maintaining scientific and technological potential at world levels, and raising living standards. The main policy implementation areas are developing the national governance system, economic forecasting and strategic planning, developing human potential, and establishing conditions for developing and using modern technology.

Tasks for reaching these goals include improving the investment climate, de-offshoring the economy, enhancing response measures in the event of sanctions, optimising the tax burden on businesses, making budget spending more effective, breaking the dependence on imports of complex equipment, developing the national finance market and payments system infrastructure, and priority economic development of Eastern Siberia, the Far North, the Far East, the North Caucasus, Crimea, and Kaliningrad Region. The Strategy also outlines tasks for foreign economic cooperation.

The Strategy calls for the establishment of a national risk management system to identify and evaluate existing and potential threats and challenges and plan measures for implementing state economic security policy.

Economic security indicators named in the Strategy include the physical GDP index, Russia’s GDP as a share of global GDP, the level of public debt, high-tech production as a share of GDP, and other indicators.

The Government has three months to draft organisational, legal and methodological measures needed for the Strategy’s implementation

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