Prospects for Economic Growth in Russia

Abstract

Abstract The dynamics of the development of the Russian economy from 2013 to the first half of 2019 is considered. The potential of future economic growth until 2024 is estimated by an average annual GDP growth rate of 4%. The main drivers of growth are the population’s demand for durable goods, postponed due to lower incomes, as well as investments in fixed assets and human capital, the current level and share of which do not meet Russia’s requirements for joining the world’s top five countries by 2024. It is noted that there are reserves of capacities, increasing the intensity of the use of labor resources, and financing R&D and technological upgrades of production to accelerate dynamics and improve the quality of economic growth in the medium and long term. The internal and external constraints and risks of socioeconomic development are discussed briefly. The key role of science as an instrument for risk reduction and effective economic policy as a whole is emphasized.

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