Maxim Reshetnikov: ‘An Effective Open Market Economy Has Been Built in Russia’
On November 11, 2024, during Economist Day in Russia, Maxim Reshetnikov, Russian Minister of Economic Development, spoke to students of the HSE Faculty of World Economy and International Affairs about Russia’s foreign economic activities, how the country managed to withstand unprecedented sanctions pressure, and the current state of its development.
The meeting was opened by HSE University Rector Nikita Anisimov. He congratulated everyone on their professional holiday, Economist Day, and emphasised that the event would not be a lecture, but rather a strategic vision of how the country is evolving. According to him, the primary focus of the government and HSE, as a governmental university, is human-centric development aimed at enhancing the well-being of every individual.
Maxim Reshetnikov thanked the Rector for his warm introduction and extended his best wishes on the holiday: ‘I have been involved in economics for many years and I have never been disappointed. For me, economics is the search for a complex balance where resources are limited and needs are unlimited.’ Addressing the students, he also pointed out that the gap between listening to someone in an auditorium and speaking in front of one, being responsible for a complex area of work, is often bridged quickly in life.
Russia is the fourth largest economy among the world's top ten economies, noted the minister at the beginning of his speech. The national economy is integrated with the global market and part of global value chains, with many sectors export-oriented: the oil and gas industry, agriculture, fertiliser production, metallurgy, and the chemical sector. Russia plays a significant role in the global economy, leading in the supply of several goods and acting as a key trading partner for many countries. The structure of exports is changing, with an increase in the production of high-value-added goods. ‘Last year, for example, Russian companies delivered high-tech products to 154 countries. We are diversifying our exports, and many small enterprises have entered the export market,’ Maxim Reshetnikov emphasised. In the early 2000s, Russia was ranked 17th in the world by export volume; now, it is 13th, with its contribution to global GDP rising from 2.9% to 3.5%.
Maxim Reshetnikov highlighted that despite the number of sanctions imposed on Russia being several times greater than those on Iran, the situation remains stable. Russia is experiencing significant economic growth and exceeding global averages. According to the Russian Ministry of Economic Development's forecasts, GDP will grow by 3.9% by the end of 2024.
This has been achieved thanks to the fact that over the past 25 years, an effective, open, and competitive market economy has developed in Russia. ‘Such statements are rarely made, as we are always focused on challenges. But looking back, we have come a long way. Our entrepreneurs have created highly effective companies that compete successfully in the global market,’ Maxim Reshetnikov stated confidently.
Russian businesses managed to quickly restructure logistics, trade, production, and technological chains. ‘We were heavily reliant on the West technologically. But having strong engineering services that understood all processes allowed us to adapt quickly,’ said the minister. ‘Without effective management and entrepreneurship, this would not have been possible. They are the ones who made it happen,’ he stressed. It is necessary to respond to external pressures by expanding internal entrepreneurial freedom.
Today, as a result of the restructuring and reorientation of foreign economic activities, 85% of exports go to friendly countries, and most transactions are conducted in roubles and national currencies, while the share of the dollar and euro has decreased several times. The current goal is to build a network of partnerships with friendly countries, including creating an investment-settlement platform within BRICS, as recently discussed by President Vladimir Putin. One of the priority regions for developing foreign economic activities, according to the Minister, is Africa, which holds significant opportunities for exporting educational services and products.
After the lecture, Maxim Reshetnikov answered students' questions. They asked him about global economic development scenarios, cooperation within the Eurasian Economic Union, the opportunities and risks of the economic situation in their country, prospects for entrepreneurship, sustainable development, WTO cooperation, issues related to single-industry towns, and other topics.
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