Exports of agriculture, IT, creative products to drive economic growth in Russia
First Deputy Head of the Analytical Center under the Government of the Russian Federation Gleb Pokatovich noted that there was a trend of decline in the share of oil and gas revenues in Russian federal budget.
Together with huge oil and gas export potential the Russian economy has high non-oil and gas export potential, experts polled by TASS believe. Exports of food, information technologies and creative products are among such growth drivers.
Speaking at the headquarters of the office of the director of national intelligence (ODNI) last week, US President Joe Biden recalled the Geneva summit with his Russian counterpart Vladimir Putin and stated that the Russian economy is based exclusively on nuclear weapons and oil resources.
First Deputy Head of the Analytical Center under the Government of the Russian Federation Gleb Pokatovich considers the decline in the Russian budget’s revenues from resources export a trend. "The decline in the share of oil and gas revenues in the federal budget may continue, though not compared to 2020 when it reached the lowest level ever, but more likely as a trend. Looking at the past decade, in 2011-2015 the share of oil and gas revenues amounted to an average of 48.8%, whereas in 2016-2020 it stood at 37.8%, in 2021-2023 it will probably go down to 32-33%," he said.
"The decline in the share of oil and mineral revenues in the budget is a general trend in the long-term prospective. With growth of other non-resource sectors particularly from resources exports the share in the budget will be decreasing. This is definitely inevitable in the long-term prospective," Director of the Centre for Science and Technology Foresight at the Institute for Statistical Studies and Economics of Knowledge of the Russian Higher School of Economics Alexander Chulok agrees.
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Together with huge oil and gas export potential the Russian economy has high non-oil and gas export potential, experts polled by TASS believe. Exports of food, information technologies and creative products are among such growth drivers.
Speaking at the headquarters of the office of the director of national intelligence (ODNI) last week, US President Joe Biden recalled the Geneva summit with his Russian counterpart Vladimir Putin and stated that the Russian economy is based exclusively on nuclear weapons and oil resources.
First Deputy Head of the Analytical Center under the Government of the Russian Federation Gleb Pokatovich considers the decline in the Russian budget’s revenues from resources export a trend. "The decline in the share of oil and gas revenues in the federal budget may continue, though not compared to 2020 when it reached the lowest level ever, but more likely as a trend. Looking at the past decade, in 2011-2015 the share of oil and gas revenues amounted to an average of 48.8%, whereas in 2016-2020 it stood at 37.8%, in 2021-2023 it will probably go down to 32-33%," he said.
"The decline in the share of oil and mineral revenues in the budget is a general trend in the long-term prospective. With growth of other non-resource sectors particularly from resources exports the share in the budget will be decreasing. This is definitely inevitable in the long-term prospective," Director of the Centre for Science and Technology Foresight at the Institute for Statistical Studies and Economics of Knowledge of the Russian Higher School of Economics Alexander Chulok agrees.
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