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Looking Into the Future: What's Behind Russia's Economic Security Strategy

© Sputnik / Natalia Seliverstova / Go to the mediabankThe Moscow Kremlin. Vodovzvodnaya Tower, foreground. Background, right: the Grand Kremlin Palace, Ivan the Great Bell Tower and Cathedral of the Archangel.
The Moscow Kremlin. Vodovzvodnaya Tower, foreground. Background, right: the Grand Kremlin Palace, Ivan the Great Bell Tower and Cathedral of the Archangel. - Sputnik International
Russia's new economic security strategy until 2030 will be fleshed out, taking into account major shifts in the global economic architecture and future risks assessment, economist Nikita Maslennikov told Radio Sputnik after President Vladimir Putin signed a decree approving the document.

"The year of 2030 would see a fundamentally different configuration and architecture of global economy, with the focus shifting to the Asia Pacific. I think that 4/5 of the combined gross national product of all nations would be generated in that region. This means a different distribution of financial flows and centers of economic power. We need to take these changes into account while devising our strategy of economic development, including the direction of [Russia's economic development], the new structure of our economy and priority export sectors," the analyst explained.

The implementation phase of the strategy is expected to begin in 2019. Maslennikov, a senior expert at the Institute of Contemporary Development, pointed out that the timeframe was not chosen at random.

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"By that time the government must come up with a strategy aimed at boosting the growth rate," he said. "This will be a factor when devising the plan aimed at implementing the economic security strategy."

Russia's new economic security strategy entails improving the mechanism of introducing countersanctions in case a foreign government or an international organization slaps restrictive measures on Moscow. Maslennikov said that this is a necessary component of the document.

"There is an increased risk of unilateral selfish protectionist activities. This is why we need formal working mechanisms. Strictly speaking, we already have them. But threats have become more systemic. This should be taken into account," he said.

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The document mentioned discriminatory measures targeting key sectors of Russia's economy and greater conflict potential in areas of Russia's interests as key threats to the country's economic security. In addition, corruption, inefficient public administration and dependency on commodity sectors of the economy were also named as factors affecting Russia’s economic security.

Increasing income inequality and unequal development of the country's regions were also listed as threats to the country’s economic well-being.

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