A Look Into Russia’s New Supply-Side Economy: Putin’s Vision and Strategies

2023-06-18 22:11:17

The economy of supply, high wages and technology – this is how President Vladimir Putin sees a new model for the country’s development, a detailed description of which he presented at SPIEF 2023. Experts saw in his speech reminiscences of non-traditional economic theories, and also drew attention to the fact that it will not be possible to create a supply-side economy without a stable currency.

Russian President Vladimir Putin, in an almost one and a half hour speech at the St. Petersburg International Economic Forum (SPIEF) in 2023, presented a new concept for the development of a country with a sovereign economy. In his speeches at the SPIEF, Putin traditionally speaks regarding the achievements and changes in economic policy, but this time the president did not so much set the accents and identified priorities, as he brought the theoretical and methodological basis under the announced model. Putin answered the fundamental question: how and how the new Russian economy, the supply-side economy, will be built. Vedomosti, together with experts, analyzed the president’s program.

Demand, supply, inflation

“We are talking regarding a transition to a qualitatively new level of development – a sovereign economy that not only responds to market conditions and takes into account demand, but also forms this demand itself. Such an economy – it is often called a supply-side economy – involves a large-scale build-up of productive forces and the service sector, the widespread strengthening of the infrastructure network, the development of advanced technologies, the creation of new modern industrial capacities and entire industries, including in those areas where we have not yet proved ourselves worthy. way, but the possibilities for this – scientific opportunities, creativity – we, of course, have” – ​​this is how Putin described the contours of the new development model.

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