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MIL OSI Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State University –

Source: Izvestia

The President of Russia instructed to ensure an increase in real incomes of Russians and a further reduction in poverty levels. The Government of the Russian Federation, together with regional authorities and the Central Bank, should in the coming months pay special attention to measures to achieve national development goals until 2030. According to the instructions of the head of state, one of the key tasks is to improve the well-being of Russians who have a low level of income. The Cabinet of Ministers should present its first report in March.

Deputy Head of the Department of Economic Policy and Economic Measurements of the State University of Management Artyom Savostitsky reminds that there are two textbook successful examples in the world when the problem with the incomes of the poorest segments of the population was solved systematically. A common feature for them is the emphasis on the mechanisms of social and economic competition.

The first example is the Scandinavian model of countries that, over the 30 years since the 1950s, managed to solve the problem of poverty through significant redistribution of income through increased taxes and, accordingly, high social benefits. A serious drawback of this mechanism is a decrease in the investment attractiveness of countries and a slowdown in economic growth. Therefore, in its pure form, such a model is not suitable for Russia, the expert believes.

The second model is American, it is typical for the USA and Canada, the economic systems of Great Britain, Ireland, Belgium, and Italy are approaching it. There is an emphasis on the independence and responsibility of business in creating favorable working conditions, ensuring full employment and rapid growth of real incomes. In these conditions, business takes the initiative and ensures an increase in prosperity. And our country has been moving along this path for the last decades.

“I believe that to finally solve the problem of poverty we need to take only two steps. The first step is to complete the system of progressive taxation, as has long been done in all the above countries. This will make it possible to partially reduce the scale of population stratification by income. The second step is to complete the formation of the intellectual rights market. This will allow the mass abilities of the population to be involved in economic turnover and will provide an opportunity to increase incomes without losses for economic growth,” argues Artyom Savostitsky.

Subscribe to the tg channel “Our State University” Publication date: 02/28/2024

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The President of Russia instructed to ensure an increase in real incomes of Russians and a further reduction in poverty levels. The Government of the Russian Federation, together with regional authorities and the Central Bank, should in the coming months pay special attention to measures to achieve national development goals until 2030…

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Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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