Meet Russia’s new economic plan, same as the old plan
The president wants the economy, exhausted by war and undermined by sanctions, high interest rates and tight labor market, to return to growth.
In this week's edition of the Russian economy guide, we examine why the nation's officials continue to struggle in devising a convincing strategy to revitalize the sluggish economy. The task at hand, as assigned by President Vladimir Putin, is to bring the economy, battered by war, sanctions, high interest rates, and a tight labor market, back to growth.
Two rival plans have emerged in an attempt to address this demand. Both plans were presented to Putin this week, each offering a distinct approach to reigniting economic activity.
The first proposal, backed by the government, was presented to Putin by Deputy Prime Minister Alexander Novak during a televised cabinet meeting. This plan, which will be discussed further in subsequent sections, aims to tackle the economic crisis through measures endorsed by the state.
The second proposal, unveiled by Maxim Oreshkin, Putin's chief economic advisor and deputy chief of staff, comes from a think tank closely associated with him. This alternative approach seeks to navigate Russia out of its economic predicament through a different set of strategies than those proposed by the government-backed plan.
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