Minister of Economic Development of the Russian Federation Maxim Reshetnikov said that the lack of competition in the market has a negative impact on labor productivity. This opinion was expressed by the head of the Ministry of Economic Development of the Russian Federation, Maxim Reshetnikov, at the plenary session of the VII Federal Forum “Productivity 360”.
“The average indicators of labor productivity for seven years are 8.2%. Whether this is a lot or a little, one can argue. In 2023-2024, when our economy was growing more rapidly, our productivity growth was 2.5-2.7%, we felt a certain acceleration. Over the next five years, we have budgeted for an average of 2.5%. Is this a lot or a little? Judging by macroeconomic calculations, this is a lot,” the minister said, as quoted by Russian media.
At the same time, he noted that if there are orders and the export potential is realized, growth of 5% over three years is quite realistic.