Incomes are supposed to grow consistently in Russia – PM


Vladimir Putin had a working meeting with Prime Minister Mikhail Mishustin via videoconference. The Prime Minister reported on the main points of the national economic recovery plan, presidential web page reports.

As the President said, “the strategic objective of the national action plan was not only to stabilize the country, but to support individuals, enterprises, and businesses. This is important in itself, but what is more, we need to achieve long-term structural change in the Russian economy, new dynamics in achieving the key national development goals, and our primary goal is certainly the well-being of the people.”

As the Prime Minister pointed out, “the government has prepared a draft national action plan to restore employment and people’s incomes, as well as to provide economic growth and other long-term structural changes. The plan’s main objective is to overcome the economic downturn caused by the coronavirus pandemic, and reach a sustainable growth of the GDP in order to gradually increase people’s incomes. This task will be tackled using an entire range of measures in various areas, including the improvement of investment activity, the use of advanced technologies and digital technologies, the improvement of the quality of education, as well as prompt construction of quality housing. By the end of the recovery period, we are supposed to reach a sustainable long-term growth of the economy that will exceed the pre-crisis level, while real disposable incomes are supposed to grow consistently.”

“The national plan has three phases,” Mishustin said. “The task of the first phase is to stabilize the situation by the end of this year’s third quarter and to prevent a further drop in people’s incomes. The second phase will last until the second quarter of 2021, and during this period, it is intended to complete the restoration of the economy, lower the level of unemployment and ensure the growth of people’s incomes to a level comparable with that of last year. During the final phase – third and fourth quarters of 2021 – it is hoped to reach a sustainable long-term economic growth while reducing poverty and increasing the number of people with an income exceeding the subsistence rate. The government will also do everything possible for the number of employees in small and medium-sized businesses to return to the pre-crisis level.”

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