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Andrei Zhukov: “2025 – A year focused on building a new economic model, curbing inflation and enhancing wellbeing”

Invest Foresight spoke with Andrei Zhukov, Deputy Head of the Center for Media Practices at the Institute of Communication Management, Higher School of Economics, to reflect on the economic highlights of 2024 and explore the outlook for Russia in 2025.

Andrei Zhukov, Deputy Head of the Center for Media Practices at the Institute of Communications Management, Higher School of Economics

— If I had to sum up the past year in a few words, the first one that comes to mind is “stability.” Despite all the pessimistic predictions, we haven’t faced any major setbacks. Our economy has continued to grow, though it’s clear that when we break it down by quarter, this growth has been gradually slowing.

Therefore, the second way to describe 2024 is “the year of missed opportunities.” We all hoped for more noticeable positive changes, a stronger sense of growing well-being, improvements to the economic model, and solutions to several pressing issues. Unfortunately, this has not fully materialized. For instance, in areas like financial literacy and combating financial fraud, which I am particularly concerned with, it is evident that the authorities’ efforts have been inadequate. During our roundtable discussion in the spring, experts estimated that around 2-3 million people were involved in helping to withdraw money stolen from individuals. By December, however, according to the head of the financial monitoring and currency control service of the Bank of Russia, that number has already reached 10 million! This represents a significant increase despite the efforts made by the Central Bank. Unfortunately, fraudsters continue to successfully use old tactics, such as social engineering, clone websites, phishing links, and more.

The third key theme for 2024 is the integration of new technologies into the labor market. Despite the low official unemployment rate, workers clearly recognize that personal career advancement and success are increasingly tied to mastering the new technologies that are rapidly becoming part of everyday life. Artificial intelligence, in particular, is at the forefront of this shift. At the HSE Center for Media Practices, we observe a growing interest in educational programs focused on this area. Looking ahead to 2025, it is clear that the year will present challenges. Sanctions pressure will persist, and the West’s efforts to restrict Russia economically will continue. However, I am hopeful that 2025 will mark the beginning of a new economic model, one focused on reducing inflation and improving people’s wellbeing. In addition to increasing the tax burden, we should also see efforts to stimulate innovative production. Ultimately, this is the path we must take, and it would be beneficial if these steps were implemented as soon as possible.

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