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The reorientation of the Russian economy will be completed “by 2024”, promises the Prime Minister

Russia will have completed the reorientation of its economy, affected by multiple international sanctions, “from 2024”Prime Minister Mikhail Michoustine promised on Thursday.

“Let’s be realistic: the external pressure on Russia is not going to let up. Nevertheless, we expect the adaptation period to end as early as 2024.”he told the Duma, the lower house of parliament. “The economy is back on the growth trajectory” and, starting next year, “Russia will embark on the path of long-term progressive development”he promised.

Russia is subject to sanctions “on an unparalleled scale (…) but we survived” at this “difficult period of adaptation”, continued the head of government, while the national GDP contracted by 2.1% in 2022 according to the Rosstat statistics agency. The International Monetary Fund now expects a slight rise of 0.3% in Russia this year. The Russian Central Bank is counting on a range included “between -1% and +1%” of growth.

Mikhail Michoustin also welcomed the strengthening of cooperation ” with friendly countries, with those who share our points of view and our values”two days after a summit between Vladimir Putin and his Chinese counterpart Xi Jinping, and announced an 18.5% increase in the minimum wage, now set at 16,242 rubles per month (about 200 euros), which will come into effect effective January 1, 2024. Social benefits for four million Russians will increase from April 1, bringing their increase to “more than 13.5% over one year”he added.