Ministry of Economic Development’s Public Council Discusses Results of 2024

In particular, it was noted that GDP in 2024 grew above forecasted levels—by 4.1%. This result was achieved due to increased demand and labor market flexibility. Growth was driven by a number of manufacturing industries, as well as construction, trade, and IT.

“The key factor is the increase in labor productivity. We are now scaling up a new federal project for industries with low productivity—agriculture, processing, construction, tourism—and across the entire social sector. Industry competence centers will join this effort,” said Maxim Reshetnikov, head of the Ministry of Economic Development.

As the minister noted, the Government will continue to remove infrastructure constraints in transport, logistics, and energy in the near future—not only for investment projects and domestic tourism but also for reorienting exports and imports and strengthening relations with friendly countries. Solutions are being implemented to develop the platform and creative economies, as well as to support small and medium sized businesses.

Sergey Katyrin, President of the Russian Chamber of Commerce and Industry, outlined specific proposals for joint work based on business appeals to the business association. These proposals concerned improving the regulatory impact assessment process, expanding access to labor productivity enhancement mechanisms, regulating legal relations in labor migration, and enforcement issues in supervisory activities. “We strive to address issues in areas where there is clear interest from Russian businesses,” emphasized Sergey Katyrin.