At a Government Hour in the Federation Council, Deputy Prime Minister Alexander Novak presented Russia’s socio-economic development forecast for 2027-2029 and outlined the current economic situation.
👉 Key figures:
• GDP grew by 0.6% in the first eight months of 2026, with growth reaching 0.8% in August.
• Real wages rose by 6% in January–July, while real disposable incomes increased by 1.5% in the first half of the year.
• Unemployment remains at a historic low of 2.2%.
• Under the baseline forecast, GDP growth is expected to reach 1.4% in 2027 and 2.4% by 2029.
• Labour productivity growth is projected to accelerate to 2.4% by 2029.
👉 Key measures:
• Russia aims to remain among the world’s top 20 countries for business conditions by 2030.
• 17 sectoral programmes to boost labour productivity have been launched — 11 in the real economy and 6 in the social sector.
• Their implementation is expected to offset the need for 3.3 million workers by 2030.
“Our task is to restore sustainable economic growth and ensure further improvements in citizens’ wellbeing,” Alexander Novak said.