November 20, 2019, 08:25 / Economy / News

Oreshkin proposed a plan for “critically needed” structural reforms

The Ministry of Economic Development has prepared a plan for structural reforms critically needed to accelerate the growth of the Russian economy from 2021 to 3% and above. The proposals are contained in a letter from Minister of Economic Development Maxim Oreshkin to Deputy Prime Minister and Minister of Finance Anton Siluanov, writes RBC .

Oreshkin suggests focusing on six areas:

improving the investment climate and stimulating investment demand
increasing the efficiency of the labor market
development of competition
technological and innovative development
financial market development
increasing sales of Russian goods and services.

According to Oreshkin, the government commission on economic development and integration, headed by Siluanov, should make decisions on the implementation of measures necessary to accelerate economic growth. This commission will have to meet monthly and at the first meeting approve the main directions of structural reforms.

At the same time, Oreshkin proposes to create a subcommittee to ensure economic growth and promote the implementation of structural reforms. It will consider departmental reports on the implementation of structural reforms (including disagreements on them), formulate proposals for further necessary measures, and prepare conclusions on the situation in the economy. A federal official told RBC that Oreshkin himself would be the head of the subcommittee.

Russian authorities have been talking for years about the need to accelerate the growth of the Russian economy to rates above the world average. However, in 2019, according to the forecast of the Ministry of Economic Development, Russian GDP will grow by 1.3% against the world average of 3% (IMF forecast).

The Government Commission for Economic Development and Integration was created in 2009 to combat the consequences of the financial crisis. Until 2018, it was headed by First Deputy Prime Minister Igor Shuvalov, who now heads the state corporation VEB .RF.