Interview with Russia´s Former Deputy Finance Minister Dr. Leonid Grigoryev: „Russia will supply EU demands for energy till the end of drinking beer by people in the EU“
Leonid Grigoriev, Russia Economics
Former Deputy Finance Minister
Global Review had the honour and pleasure to have an interview with Russia´s Former Deputy Finance Minister Dr. Leonid Grigoryev.
GlobalSource Partners Russia Country Analyst Leonid Grigoryev is one of the country’s top statesmen and theoreticians. He has served at the highest levels of government and academia and is an acknowledged authority on all aspects of the Russian economy, including its macro and fiscal dynamics, legal and institutional framework, and cultural trends.
Based in Moscow, Dr. Grigoryev is a professor and Chairman of global economics at the National Research University Higher School of Economics. As Deputy Minister of Finance during the Yeltsin administration, he chaired the Foreign Investment Committee, helping lead the country’s transition to a market economy. Prior to his service in the government, he was head of the Institute of World Economics and International Relations at the Russian Academy of Sciences. After serving the Finance Ministry, he was a senior advisor to the Russian Federation’s executive director at the World Bank and then was Director General of the Bureau of Economic Analysis. He was President of the Association of Independent Centers of Economic Analysis, which unites more than 50 Russian research institutions, and more recently, he headed Moscow’s Institute for Energy and Finance.
Dr. Grigoryev received an M.S. and a Ph.D. in economics from Moscow State University. He has written more than 300 publications, including more than 20 books, on topics such as Russia’s economic and energy prospects, social stratification and the development of the middle class in Russia, property rights, corporate governance and privatization in Russia, and Russian capital formation and private finance. He is also an authority on global issues, including global energy and climate problems, and economic sustainability issues in BRICS.
Global Review: Professor Grigoryev, in which phases would you define the transformation of the Russian economy from the state planned economy of the Soviet Union and GOSPLAN, to the laizess faire capitalism under the Jelizin rule with the big bang privatization programme under US adviser Jeffrey Sachs to the nowaday´s Russian economy under Putin?
Dr.Grioryev: Russia has come through three major transformations: ideological – not a single course on Marxism in the country now; state – changes from USSR to Russia; and the turn to a market economy. The transitional crisis lasted a decade 1990-1998 – minus 44% GDP, with 50% of population in poverty, and doubling the relative number of suicides. So, reforms we conducted in the dramatic economic environment. The transitional crisis in Central and East European countries was dramatic, but lasted about five years (1990-1994) with the decline of GDP close to 25%.
The major institutional changes may be described as: freedom to open business and hire people; no state price fixing; open foreign trade; no up-down target plans to enterprises on output (expect for limited state owned like in defense). Land may be sold and purchased; housing is mostly private (even more than rented); most of manufacturing was privatized in 1990s. State owns some infrastructure (pipelines), Nuclear and Water power plants and main Power Grid. State keeps control capabilities in few major banks, Gazprom, Rosnefty, Aeroflot, some other companies. The state owned or controlled companies are expected to be run by market principles, while it is not exactly the best efficiency is observed.
Big bang privatization has happened in 1993-1996 and brought almost no income (from more than 46 th enterprises privatized) to Treasury during the crisis and huge budget deficit times. It had changed the social structure of the societ quasi-egalitarian society forever – we may recommend to look at F. Novokmet, T. Piketty, G. Zucman. “From Soviets to Oligarchs: Inequality and Property in Russia 1905-2016.”
Global Review: What has changed, how powerful are the oligarchs, what are the biggest companies in Russia and how has the structure of the Russian economy changed since the 90s?
Dr. Grigoryev : Oligarchs – as believed – exercised the political control in 1994-2000, but were sided out at the time of the eight years of the presidency of Vladimir Putin (2001-2008). They have retained the most of the Wealth and have substantial control over economic decision making in their domains. Roughly speaking, forty huge companies of state and private ownership or control are the backbone of the Russian economy – probably conducting about half of capital investments.
Global Review: How strong is the influence of the state and is there some kind of modernized Gosplan which leads the Russian economy?
Dr. Grigoryev :There is no Gosplan per se at all – probably Russian state exercises less planning than some market economies. Many economists see the inadequacy of strategic planning in the country for the solution of the real problems of development.
|
The main macroeconomic indicators of Russia |
2008 |
2010 |
2012 |
2014 |
2016 |
2018 |
|
GDP (trillion nominal rubles) |
41,3 |
46.3 |
68,2 |
79.0 |
86 |
103, 9 |
|
GDP (trillion dollars) |
1,7 |
1,5 |
2,2 |
2,1 |
1,3 |
1,7 |
|
GDP (annual growth %) |
5 |
5 |
4 |
1 |
0 |
2 |
|
GDP per capita (thousand intern dollars PPP) |
24 |
23 |
25 |
26 |
25 |
26 |
|
Total investment share (% of GDP) |
23 |
20 |
24 |
22 |
23 |
23 |
|
Gross national savings (% of GDP) |
29 |
24 |
28 |
25 |
25 |
30 |
|
Imports of goods and services (bln US$) |
366 |
321 |
445 |
429 |
266 |
343 |
|
Exports of goods and services (bln US$) |
585 |
480 |
638 |
610 |
373 |
561 |
|
Unemployment rate (%) |
6 |
7 |
5 |
5 |
6 |
5 |
|
Population (mln) |
143 |
143 |
143 |
144 |
146 |
146 |
|
General government gross debt (% of GDP) |
7 |
11 |
12 |
16 |
16 |
14 |
|
Oil prices $/barrel |
94,5 |
78,2 |
110,3 |
97,6 |
42,1 |
69,8 |
|
Exchange rate, ruble/ $ |
25 |
30 |
31 |
38 |
67 |
63 |
Global Review: What does the Russian new and IT-/hightech industry look like? Are there competive IT companies or has Russia hightech parks or ist own Silicon Valley?
Dr. Grigoryev : IT-high tech is in wide use by population, businesses and government. There is no such big companies in production of IT, comparable to Western and Chinese – only Yandex stands aside. But Russian talents are working all around the World and at home as well – at many old and new domestic institutes and companies. Russia is not selling too many of IT products, but is capable to invent anything sophisticated. Tradition of the good education and young people orientation on innovations is quite alive, while not bringing much export. Access to computers and Internet is close to 80% of population – essentially to all capable to use them. With open socials nets, TV etc., and with the relatively widespread knowledge of English (at least among people with universities) Russian families basically are very well informed on global affairs and can make their own judgment.
Global Review: Is Russia developing artifical intelligence, super- and quantumcomputers and technlogy or has it to import these technlogies?
Dr. Grigoryev : Russian government has recently created the position of Deputy Prime Minister for Information technologies use and added “digital” to Ministry of Information (practical – not on “content” of course). Probably the Government is focusing on AI very seriously – it may be considered as an attempt to prevent any lagging behind other countries in this area.
Global Review: Is Russian high tech industry promoted by state-led industry policy , the military or even a state fuind o rare private companies the backbones?
Dr. Grigoryev : High tech is going by some state establishments – for private firms it is hard to be involved with anything classified. The key elements of Russian R&D are human brains and quality of professors – Russia has them.
Global Review: Is there something comparable as China´s Made in China 2025 programme
Dr. Grigoryev : Russian spending of course are not in the range of “zillions” of dollars. And number of people involved – much less to compare with China and other countries. While we are used to discover from time to time that Russian scientists are capable to make interesting discoveries and break through “by little money”.
Global Review: Is Russia prepared for industry 4.0 and digitalization and how do you think they will change the structure and the perspective of the Russian economy?
Dr. Grigoryev : Russia does not have big unemployment and imports millions of low quality labor. It means that Russia will stay probably with its unique industry (and employment) structure for next decade or two: producing some sophisticated products and services, plus the upgrading commodities. Hardly Russia would go into competition with Asian (or poor) countries on mass consumer goods.
Global Review: The agriculture in the Soviet Union had to import grain from the USA to survive. How dependent is nowaday´s Russia´s agricultural industry and what has changed since the 90s?
Dr. Grigoryev : Russia is exporting grain like before 1917, while needs to upgrade its quality. So called “counter-sanctions” has given a boost to domestic pork and chicken line.
Grains’ export of Russia was growing rapidly. In 2001 the value of grain export was 271,6 million dollars while in 2018 the indicator reached 10,5 billion dollars making Russia the second largest exporter of cereals in the world after the (United States being the first.
Since Russia introduced an import ban on a range of European Union in 2014, agricultural products, the imports of meat from the EU has fallen dramatically from 363,1 million dollars in 2014 to 2,1 million dollars in 2018.
Average growth rate of pork production in 2014–2018 was the highest among all kind of meats and constituted 24,9% – its share in meat production increased from 32,8% to 34,9%. Chicken meat grew by 19,5% on average in 2014–2018 and its share rose from 45,9% to 46,7%.
Global Review: How exportorientated is Russia´s economy and how influential are sanctions by the West?
Dr. Grigoryev : Export from Russia is mostly oil-gas-coal plus metals-chemicals – fertilizers. Country has retained positive trade balance. Sanctions have a very different impact on Russian industries – depending on situation. Of course, they are felt in financial sector – no cheap long-term credits from outside. At the same time Russia keeps exporting capital and can used its own financial resources. In the engineering Russian companies are experiencing certain difficulties. But domestic view among professionals on tech-sanctions is predominantly optimistic in the long-run: “Miracle in disguise”. Russian enterprises have been purchasing technologies for quarter a century and not financing research. Sanctions played a role of wake-up bell for returning to domestic research in many areas. So far, it is just a beginning. Altogether the impact of sanctions (not to mix them with oil prices drop effect) is being counted in the range approximately as half a percentage point annual growth rate of GDP down.
As trade with the EU and China seems to be important, Russian trade with the USA or other regions seem not to be important.
Trade with the USA is not big, while important on some items. China is supplying a lot of materials and consumer goods, but trade balance is covered by energy products.
Global Review: Prof. Rahr said that Putin and most of the Russian elite see the future of Russia in a resource empire for the next decades –do you agree?
Dr. Grigoryev : Russian elite is rather sober on that matter – country cannot jump out of its structure in a short period of time. My country is producing right now roughly 10% of global primary energy (not counting other commodities and semiproducts). About 5 p.p. is being exported abroad. Domestic energy consumption is rather specific: a lot of Nuclear and Water, more than a half energy supplied by natural gas. Russia annually is consuming more gas than all EU. Let’s also mark the important point: Russian export of metals, paper, chemicals etc. contains 1% of global CO2 emission, emitted in Russia, but consumed in other countries (in which this import is reducing their own emissions).
Global Review: Russian former Yukos oligarch and dissident Khodorkovsky writes in his book in the chapter „The Future of Russia“ that Russia has to modernize by the influx of foreign investment, technology, the transformation of the Russian authotarian mentality to create a new creative innovative entrpreneural spirit in Russia.
Dr. Grigoryev : Russian economists are normally critics of the growing bureaucratization and considerable state involvement in business affairs (mostly in big investment projects). With positive trade balance Russian economy is not suffocated without cash. And the idea of big inflow of foreign investments was circulated by decades, but never materialized. Now it is probably considered more as a myth. The right time to help Russia out of crisis was in 1990s. And Russian Budget has some money for social and economic projects, introduced by the Orders of the President Putin (attached at the end of this text) with the horizon of 2024.
Global Review: However he claims that Russia should not develop traditional industries or become the working bank for foreign companies like China, but to leapfrog the economy and only develop new industries and IT technology companies.
What do you think about the idea of „leapfrogging“ an economy. Are there any historic examples for this and is this possible in Russia or not a very risky approach?
Dr. Grigoryev : It is hard to make a definite long-term plan in the field of hi-tech. Leapfrogging will be dependent on ingenuity. As I said above – Russia will be trying to continue as country of art and science rather competing with Asia on ordinary consumption goods.
Global Review: What about foreign investment in Russia and Russian investments worldwide? What is their share and their structure? What role does Russia play in the world economy?
Dr. Grigoryev : Net inflow of FDI in Russia in 2018 accounted for 8,8 billion dollars which is three times lower than the previous year (28,5 in 2017), according to the World Bank data. The outflow of FDI was also falling recently but not dramatically: in 2018 the outcoming FDI dropped to 31,4 billion dollars in 2018 from 36,7 trillion dollars in 2017.
Russian and foreign companies are cooperating in many areas, in Russia and outside. This cooperation generally has survived in the years of sanctions. But naturally Russia is not a big actor in both respects globally. Some BRICS cooperation also is developing.
Global Review: As the energy and oil industry is a backbone of the Russian industry, how did the structure of the Russian oil industry change since the collapse of the Sovjetuinon?
Dr. Grigoryev : In the 1990s, the most of manufacturing has collapsed due to opening an economy, low efficiency of enterprises and low quality of products. The industrial policy was non-existent, while the privatization contributed to the loss of time. That is how current unique structure of economy was fermented.
Global Review: Are the oil and energy companies now private owned, nationalized, state owned, joint ventures? Which are the biggest oil companies, how much do they produce, export and what are their main consumers and world market shares?
That is a mixed picture on the ownership side: from private – Lukoil to state Roshefty.
Top-5 oil producing companies in Russia, 2018
|
Company |
Oil production, million t |
Export, million t |
|
Rosneft |
194 |
73 |
|
Lukoil |
82 |
37 |
|
Surgutneftegas |
61 |
– |
|
Gazprom Neft |
40 |
20 |
|
Tatneft |
30 |
12 |
Source: Annual Reports of given companies
Global Review: How do they produce—they produce as much as possible, according to quotas or a plan like GOSPLAN?
Dr. Grigoryev : They and invest by themselves – children already do not know what is Gosplan. Ministries of Energy and Finance may influence export by operating with taxes.
Global Review: Some experts in the West say that the Russian oil industry was outdated and had to be modernized.
Dr. Grigoryev : Experts on the West are hardly saying anything positive about Russian affairs. Of course Russian industries are in need of modernization. And oil branch keeps exporting oil on contracts without stoppages. With the expected flattening demand for energy in the World there is nothing to worry about on the outside.y
Energy balance of Russia, 2017, mtoe
|
|
Production |
Import |
Export |
Stocks change |
TPES |
The share in TPES, % |
|
Coal |
222,2 |
17,2 |
-120,6 |
-5,2 |
113,6 |
15,5 |
|
Oil and oil products |
549,0 |
1,8 |
-381,2 |
1526 |
154,0 |
21,0 |
|
Natural gas |
580,9 |
7,2 |
-187,5 |
-12,3 |
388,3 |
53,0 |
|
Nuclear energy |
53,3 |
0,0 |
0,0 |
0,0 |
53,3 |
7,3 |
|
Hydropower |
15,9 |
0,0 |
0,0 |
0,0 |
15,9 |
2,2 |
|
Renewable energy sources (except hydro) |
7,9 |
0,5 |
-0,03 |
0,1 |
8,0 |
1,0 |
|
Total |
1429,2 |
26,8 |
-690,9 |
-15,8 |
732,2 |
100,0 |
Source: IEA
Global Review: Former oil oligarch Chodorkovsky claimed that a modernization of the Russian oil industry was only possible by Western investment and he wanted to sell 50% of Yukos to Western oil companies and create joint ventures.
Dr. Grigoryev : It is a very old story of 2003 – oil prices at that time were rather low. They have grown since that time – all oil companies have got a lot of money…
Global Review: Putin wasn´t happy and prevented what he thought would be a sell-out of Russia´s strategic resources. Does Russia rely on Western technology to modernize its oil industry and has it joint ventures with foreign companies in Russia and worldwide?
Dr. Grigoryev : Russian industry has been using mostly imported technologies in 1990-2014 more and more until the sanctions had come. Now it is trying to revive domestic R&D institutions.
Global Review: In the 1990s and 2000s there were ideas about a free trade zone from Lisbon to Vladivostok, but they never became reality. Russia has now founded the Eurasian Economic Union.
Dr. Grigoryev : It was before China “Silk Belt” project and the establishing EEU. It is a good idea but it must taken into account the new configuration of economic and political interests.
Global Review: What do you think are the perspective of the EEU? Could you also imagine a Eurasian economic bloc with the SCO or with China and India?
Dr. Grigoryev : We probably in the beginning of the long-term process of creating the effective “long” market from Vladivostok/Shanghai to Moscow. There are huge opportunities of building infrastructure and industrial development inside Asia continent. Lisbon connection via Berlin – Rome – Paris would be welcomed by Moscow and Beijing, but it is not up to us for adjoining this segment. But we will be waiting…
Global Review: What do you think are the future perspectives of Russia´s economic relations with the USA, the EU and China?
Dr. Grigoryev : China will be growing and pulling Asia up. Russia will be modernizing itself with the active friendly interaction with China.
Political situation and Western pressure on Russia, and trade war between USA and China are forcing the cooperation between Russia and China.
Global Review: Will Russia become an independent strong pole in a multipolar world or polycentric new world order or is there the danger that it will become dependent of one of these powers?
Dr. Grigoryev : Russia will be obviously pursuing its own interests. Another clear point – adding Russian resources, strength and ingenuity will be greatly helping to any friendly power.
Global Review: Until 1989 the Western Seven Big Sisters controlled the world oil and gas market, but now you also have Russian opil companies, Chinese oilcompanies and others. Has the energy market become multipolar? Which are the biggest global players and what is Russia´s role in the world energy market?
Dr. Grigoryev : Western Seven Sisters had been keeping the price of oil at $4 per barrel of export from Persian Gulf to the USA from beginning of XX C. until 1973 – practically for whole XX Century. Russian companies will not play any extravagant games, but will be trying to stabilize output and maximize its income. The current global upturn in 2016-2019 at 3+% of GDP growth has become possible because of “global public good” of OPEC+Russia agreement. I has allowed (so far) to avoid price wars and new big swings of oil prices. It opened the room for investments on predictable terms.
Global Review: There is a lot of talk about the decarbonization of the world economy, renewable energies, electro mobility and climate protection. Will oil and gas become unimportant for the world economy in the future. And what about the long term oil and gas resources—will we face Peak Oil in a distant future? What is your prognosis?
Dr. Grigoryev : 2019 will probably bring 100 mbd – spectacular event! Peak oil – I would wait – at 110 mbd around 2030. And mark that all the major forecasting outlooks are still expecting more than 70% of fossil fuel in global energy consumption for 2040.
Review of Paris 2015 Agreement on Climate change prevention may register the situation far from success. Global (and Chinese) emission in 2017-2018 was growing again.
The dynamics of CO2 emissions in the world, 1990–2018
Source: BP Stat. Review 2019
Global Review: How dependent is Europe from Russian oil and gas and how reliable is Russia as an oil supplier?
Dr. Grigoryev : Dependence of EU is rather stable. It naturally prevents too harsh sanctions against Russia. Russia will not stop supplying EU. The problem is the opposite – how far sanctions against Russia may go?
Global Review: Do you understand the critic about North Stream and do you think an European Energy Union will ever materialize or will energy policy mostly be practised by the different nation states in Europe?
Dr. Grigoryev : North Stream for Russian interests is a commercial project (replacing the loss of Dutch gas) plus it gives some security of transit and demand. Russian companies have been adapting to EU legislation for a decade. It will take few months – one year from now and we will see the outcome of a transit drama.
Global Review: How big are the Russian energy resources for the future and how long could they be a reliable supplier for Europe?
Dr. Grigoryev : Russia will supply EU demands for energy (even doubled) till the end of drinking beer by people in the EU…
Global Review: As China and India also need oil and gas, can Russia supply Europe and the Asian markets at once or could it get in production problems?
Dr. Grigoryev : Russia may produce a trillion of cubic meters a year. China will keep diversifying its import. For India, natural gas is too far and a bit expensive. That is not a problem in the foreseeable future. – it’s hard to see any problem on a physical quantities side.
Global Review: What are the plans of the Russian energy companies for Europe and Asia for the future? And what role plays the USA and the OPEC as oil producers and suppliers for the future world energy market?
Dr. Grigoryev : EU had essentially blocked an attempt of Gazprom to supply gas in Europe on retail basis. It is hard to see anything in Russian business more than wholesale supplies. OPEC+ will try to adapt to changing situation, esp. for US shale oil growing supply. At the same time, all key exporting countries will keep trying to restructure from oil&gas income dependence, with different success.
Global Review: Could under a Trump-Putin deal which defines Russia as a resource, oil and gas empire with defined spheres of interests, a new OPEC or some sort of energy alliance become possible?
Dr. Grigoryev : There is nothing like this deal in sight, especially in 2020…
Global Review: As the USA have become an energy exporting state, Russia is and will be, Venezuela has the biggest world oil reserves in the world and in Guyanna similar amounts of oil have been discovered and in Texas, the Perm region new giant oil reserves have been discovered, maybe an energy alliance between the USA, Russia, Venetuela, Guyanna, Brasil and maybe Saudiarabia could be possible.
Dr. Grigoryev : It is very hard imagine it on political side – Global Gosplan for Climate chage prevention is also not expected tomorrow.
Global Review: An Anti-OPEC which makes the West independent from the Greater Middle East and the OPEC which faces failed states and Islamism. Therefore, such an energy alliance could be beneficial to these countries, guarantee energy security to the West, unite the Americas and end the Cold war between the USA and Russia. Do you think such a scenario is feasible or realistic as Trump doesn´t like multilateral institions and Russia has not become member of the OPEC, but remained an independent oil exporting state?
Dr. Grigoryev : I would recommend the global energy-climate cooperation without attempts to exclude somebody or to damage interests of other parties. Anyway nobody on the West has tried to make a step in this direction, it goes for years to the contrary… and now there is a great deal of mistrust in stock
Russia is not member of OPEC, the issue is that the global economy was few times undermined by prices swings in $10-$120 corridor. Pitching Russia against anybody is useless practically and outdated. Losses were huge for all sides. Let’s now take care of global stability, what is left of it…
Global Review: Mark Zuckerberg wants to create a new crypto currency Libra using his 2, 7 billion Facebook members. Libra is based on a currency basket with US $, Euro and Yen and on a portfolio of short term state obligations to prevent a volatility of this new currency as the oszilating bitcoin.
Dr. Grigoryev : I do not believe it…
Global Review: While the bitcoin was rejected by most goverments in the West and the East, the Facebook currency seems to get more approval. Still the potential for criminal moneylaundering or terrorist activities, data protection are discussed.
Dr. Grigoriev : It will not be implemented any time soon – too many risks…
Global Review Do you believe in the future of such a new world currency and what influence would it have for Russia and fort he international financial system?
Dr. Grigoryev : It is too far from us… and not my field…
Global Review: As we already experienced the financial crisis 2008, he might now be facing an new international financial crisis as the debts by many countries with China reached 6 trillion US $ and become a danger to world economy as a study by Harvard professor Carmen Reinhart and the econiomists Christoph Trebesch und Sebastian Horn at the Institute for Worldeconomy in Kiel claimed.
Dr. Grigoryev : Debt is always a key element of any business crisis. The prediction, that Chinese “bad banks” and debt would create a new crisis, we have heard for two decade. SO far it is domestic Chinese problem. Debt risk is a question of servicing and open market sales. And I do not expect default on Chinese external debt.
Global Review: Wouldn´t it be good idea to promote a Western-Russian cooperation to prevent the next international financial crisis as Dr. Kulikov proposed?
Dr. Grigoryev : It is a good idea – and Russia could contribute to stability, but we do not see West responding…
Global Review: Russia has signed the Paris Climate Agrrement. But Russia is an oil and gas exporting and producing state which might have no interest in a decarbonized world society.
Dr. Grigoryev : Decarbonization is a long a painful process. Emission in developing countries, including China and India is growing (see the graph above). We are more and more talking about adaptation instead of mitigation! Europe may think again what it is really about: reduction of emission in EU or more effective use of funds in Asia…
Global Review: How does Putin combine ecology and economy? As China is deforresting the Siberian forrests, this means with the destruction of the forrests in Brasil, Papa New Guninea, Indonesia, and other patrts of the world this will fuel the cilmate change in a dramatic way.
Dr. Grigoryev : It is still too early for the funeral of Siberian (cold climate) forests. Hot climate Amazonia is in a real danger… Russia has recently introduced the Law of the Best available technology for new investments in Energy – it is a must. The old stock of power stations, transport and housing is being replaced step by step. Russian CO2 emission is not growing much – now far behind India.
Global Review: Shouldn´t there be a Western-Russian ecological cooperation to rebuild the forrests of Siberia and to modernzie the Russian economy in an ecological way?
Dr. Grigoryev : Forests in Siberia are growing very slow anyway. Cooperation is welcome – but that would mean the reducing technological sanctions. So far we are not in that phase for cooperation on the Globe!
Grigoryev L, Kurdin A. „Mechanisms of Global Governance: economic analysis“ // „Voprosy Ekonomiki“, 7, 2013, pp. 4-28.
Grigoryev L., Pavlyushina V. “Relative social inequality in the world: Rigidity against the economic growth, 1992–2016”, RuJEc, #5 2019.
Grigoryev L., Pavlyushina V. “Global Recession and Income Inequality: Factors of Disruption for Elites in the Twenty-first Century” in “Global Governance in Transformation – Challenges for International Cooperation” Eds: L Grigoryev & A. Pabst, Springer, 2020
National Goals and Strategic Objectives of the Russian Federation through to 2024
|
National Project |
Financing (billion rubles) |
Main Targets |
|
Healthcare |
1725,8 |
|
|
Education |
784,5 |
|
|
Demography |
3105,2 |
|
|
Culture |
113,5 |
|
|
Safe and High-Quality Motorways |
4779,7 |
|
|
Residential Housing and Urban Environment |
1066,2 |
|
|
Ecology |
4041,0 |
|
|
Science |
636,0 |
|
|
Small and Medium-Sized Business and Support of Sole Proprietorship |
481,5 |
|
|
Digital Economy |
1634,9 |
|
|
Labor Productivity and Support of Employment |
52,1 |
|
|
International Cooperation and Exports |
956,8 |
|