The Moscow International Business Center (MIBC) (Photo:Evgeny Biyatov / Sputnik)

Addressing business representatives at the forum, Prime Minister Dmitry Medvedev said Russia’s economy is stabilized with inflation under control. Based on these optimistic signs, Russia will begin to fully implement the government’s master plan of action by 2025.

One of the main tasks is to ensure macro-economic stability and transparent tax system and business regulations. The government will improve the efficiency of employment and fix the problem of a high-quality workforce shortage. The government leader said Russia should become an open and smart economy based on national wisdom and scientific and technological advances. He said his government will create a favorable environment for business, employment, and knowledge development.  

The Russian economic improvement is not unexpected. Russia has weathered the oil price plunge and created favorable conditions for foreign investors despite economic sanctions. The International Monetary Fund (IMF) forecast growth for Central and Eastern European economies in 2017 thanks to Russia’s economic expansion of over 1%. Bloomberg News said the Russian market is becoming less risky and its banking and agriculture are promising to be attractive investment destinations because of policies on reducing dependence on oil revenues. The Bloomberg News forecast was based on reports of an improved political climate, higher oil prices, and the appreciation of the rouble. The Financial Times said buyers of the rouble have seen profits of 7% in recent months.

Europe’s ban on imported Russian goods has provided Moscow an opportunity to overhaul its economy. Rising domestic production has helped consolidate the trust in President Putin. Russian authorities are prepared for a scenario in which oil prices hover around 40 USD per barrel, proving Russia’s imperviousness to global fluctuations.