Russia is expecting a serious increase in industrial production
The average annual growth rate of Russian industrial production in 2018–2030 will be 4,5 percent
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This is stated in the report “Regional Aspects of Long-Term Economic Policy” prepared by the Russian Academy of Sciences, сообщают "Izvestia".
“According to the forecast of the Russian Academy of Sciences, the largest increase in industrial production will occur in 2021–2025 and will amount to 6,3%. The accelerated growth of industry will be associated with economic recovery after the crisis: business will increase investments, which will be aimed at developing production and financing new projects,” the publication notes.
At the same time, one of the authors of the report, Deputy Director of the Institute of Economic Forecasting of the Russian Academy of Sciences, Alexander Shirov, explained that industry will grow at a faster pace as the economy recovers after the crisis of 2014–2016, and business increases investment, which will be aimed at developing production and financing new projects.
The highest growth rates are expected in regions with a predominance of manufacturing industries, says the RAS report: industry in the Central and Southern Federal Districts will grow at a faster pace. Food production, clothing and footwear industries are traditionally strong there. Over the next 12 years, the manufacturing sector will show growth of 5,6%.
Mining production will grow more slowly - by 1,7%. In 2026–2030, the growth rate of industrial production will slow down to 3,8% per year, according to the Institute of Economic Forecasting of the Russian Academy of Sciences.
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