Statement by Alexey Overchuk at the 110th Meeting of the Development Committee held on October 25, 2024 (English)

This is a statement by Alexey Overchuk regarding the 110th Meeting of the Development Committee, which was held on October 25, 2024. Global economic growth remains insufficient to address pressing global challenges. Moreover, it continues to be uneven, with significant regional disparities. Emerging markets and developing economies (EMDEs), particularly low-income countries, face the harsh impact of policy tightening by central banks in advanced economies. It has resulted in currency depreciations, capital outflows, higher borrowing costs, constrained fiscal space, and rising debt servicing burdens. Despite these challenges and the impact of unilateral unlawful sanctions on Russia, the Russian economy remains resilient. The GDP growth rate is projected to surpass last year's growth rate and reach 3.9%, driven by strong consumer spending and domestic production through import substitution. In line with the Executive Order on Russia's development goals through 2030 and until 2036, our strategy focuses on critical priorities such as human capital, technology, and sustainable economic development - key components for maintaining Russia's status as a high-income country. The recent achievements of our policy are exemplified by a significant rise in GNI per capita and the attainment of the position as the world's fourth largest economy in terms of PPP, underscoring the successes of our long-term strategy and our commitment to sustainable growth. We anticipate that economic growth in Russia will result in positive spillovers to neighboring countries and major trading partners through various economic channels.