The next six years will be difficult for the Russian economy, Medvedev said

© RIA Novosti / Alexander Activesprite in fotoreceptor of the government of the Russian Federation Dmitry Medvedev. Archival photoThe next six years will be difficult for the Russian economy, Medvedev said© RIA Novosti / Alexander Activesprite the image Bank

Following a six-year cycle in the Russian economy will not be easy, Prime Minister Dmitry Medvedev at a government meeting.

«We have to take into account the situation on the commodity and financial markets, and not least the possible extension of trade wars and increased protectionism and sanctions pressure,» he warned.

According to Medvedev, Russia will build its economic policy so that «first, to grow steadily even in these, frankly, not very favorable conditions, and secondly, to ensure sustained improvements in living standards».

Tough start

Next year will be adaptation, and new package of structural changes to bring the economy to a higher trajectory, said the Prime Minister.

The Prime Minister noted that, according to the expectations of the Ministry, starting from 2021, the annual rate of economic growth will exceed 3%. «First of all, due to the industries where there is a good export potential is the chemical and food industry, mechanical engineering, as well as through the development of infrastructure and housing construction», — he explained.

It is also expected stable growth of real incomes, inflation on average should remain within the target of about 4%.

The policy of import substitution

Medvedev also assured that the country will continue its policy of import substitution investment and consumer goods.

«The agenda of the draft guidelines for customs tariff regulation for the next three years, where the determined external reference points of economic activities. This is, firstly, encouraging, building up supplies of our products abroad, and secondly, to support non-oil exports, including through preferential trade agreements of the Eurasian Union. Thirdly, it is necessary and important to increase Russia’s contribution to global value added chains, especially in our priority industries,» — said the Prime Minister.

Factors of influence

The US and EU is not the first year are the sanctions policy against Russia, under restrictions are as individuals, and entire industries. Sanctions lists are periodically replenished with new names and companies. The last time Washington has imposed restrictive measures against Moscow because of the incident in Salisbury.

In addition to direct anti-Russian sanctions on the national economy and indirectly influence foreign policy and economic factors, in particular, a trade war between the US and China. Washington and Beijing is not the first month of exchange fees in an attempt to defend their economic interests. On Tuesday, the States imposed a new ten percent duties on products from China in the amount of $ 200 billion, and from January 1, tariffs will rise to 25%. China tries to meet the mirror.

The next six years will be difficult for the Russian economy, Medvedev said© Infographical war, the United States