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TALL ORDER? Russia aims to be world’s 5th largest economy

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The inauguration ceremony of Putin to the presidency took place on Monday, in which he also signed a decree of instructions for the objectives on the development of the country for the next few years.

Putin has instructed the government to make the country one of the five most powerful economies by 2024 . The news was released by the Kremlin press service on Monday.

“The Russian government was instructed to ensure the following national goals for the development of Russia in the period up to 2024 … Russia must become one of the five largest economies, ensuring rates of economic growth above global standards, maintaining macroeconomic stability as well as inflation not exceeding 4%,” the decree explains.

In addition, Putin instructed the government to create at least 15 global science and education centers through the integration of universities and companies by 2024.

Re-elected for a new six-year term as the Russian president, Vladimir Putin took office as head of state on Monday. It was the fourth presidential inauguration ceremony in his political career.

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Putin was re-elected as Russia’s president in 2018 with record support, receiving a vote of more than 56.4 million from people.

It must be noted though that in 2007, Putin said it would happen in 2017, and then in 2008 he said it would be achieved by 2020. Russia’s economy is currently ranked 12th, behind the likes of Canada and South Korea.

Meanwhile, Dmitry Medvedev said on Tuesday that he was ready to do everything for Russia’s development if the parliament approved his candidacy as Prime Minister.

“I would like to thank President Vladimir Putin for the trust placed in me and for the proposal to become the head of the government. This is not only the trust but also huge responsibility and in case that the corresponding decisions are made, I am ready to do everything for the development of our country Russia,” Medvedev told a plenary session of the State Duma.

Whether or not Russia is capable of growing to become one of the world’s top five economies in the next decade is not simply a technical one – it is an ideological and philosophical one. There is an active debate within Russia about the uses and utilities of market vs. planned economic structures, and secondly – though not entirely separately – the utility and value of Russia integrating into Western economies, and how the costs vs. benefits of that will play out in the middle to long term.

 

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