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themes as self-driving vehicles and digitalisation of public services,” BOFIT reports.
The government estimates that the financing needs for the strategic initiatives total RUB4.6 trillion ($64.1bn) during 2022‒2024. According to the finance ministry, the initiatives will receive about RUB1 trillion in budget funding, of which about half is new funding.
“Russia’s economic development plans have increasingly stressed the role of the state-funded projects in recent years. From economic perspective, these projects may provide business opportunities for some firms, but their broader contribution to economic development may be limited. In Russia, government spending is typically inefficient and susceptible to abuse. Broad-based structural reforms have received less attention in Russia’s economic development programmes, even if they are critical to improving the country’s long-term growth prospects,” BOFIT added.
73 RUSSIA Country Report December 2021 www.intellinews.com