Aiming to Minimize Poverty: Putin Outlines Objective for a 5% Reduction in Russia's Poverty Rate
Relentless Pursuit: Russia's Quest to Reduce Poverty by 5%
Russian President Vladimir Putin has set an ambitious goal: to slash the nation's poverty rate to 5% by increasing labor productivity. As reported by RIA Novosti, the journey towards this objective began in 2000, with an alarming poverty rate of 29%, affecting 42.3 million individuals.
By the end of last year, the poverty rate was at 7.2%, impacting 10.5 million people. Putin revealed during the St. Petersburg International Economic Forum that the government plans to bring the figure down even further—to 7%, and ultimately, to 5%.
Naturally, we must continue working diligently to further minimize this percentage. Our goal is to first decrease it to 7%, and then to 5%," Putin said.
Regarding regional living standards, Krasnodar Krai—one of Russia's multi-ethnic regions—ranked 19th based on median average monthly incomes.
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The Russian government's strategy for poverty reduction involves several key components:
1 - Boosting Productivity and Wages:- High-Wage Economy: A focus on elevating wages to enhance household incomes and promote high-quality employment- Better Employment Quality: Cultivating new, technologically advanced job opportunities and industrial expansion
2 - Streamlining Educational Programs:- Synergizing Education and Labor Market Needs: Aligning educational programs to better cater to the demands of the technology and industrial sectors
3 - Diversifying and Promoting Economic Growth:- Non-Resource Economy Growth: Reducing dependence on oil and gas for balanced economic growth- Industrial Capacity Expansion: Expanding industrial capacity and fostering domestic and international partnerships
4 - Social Policy and Targeted Aid:- Strengthening Social Safety Nets: Implementing social policies to support vulnerable populations and reducing poverty
While Russia's concerted efforts in poverty reduction have shown promising results, the government continues to actively pursue its goal of a 5% poverty rate rather than definitively achieving this benchmark in 2024.
In the realm of Russia's policy-and-legislation, the government's strategy for poverty reduction includes a focus on boosting productivity and wages, aiming for a high-wage economy and better employment quality. Concurrently, streamlining educational programs with labor market needs, diversifying and promoting economic growth, and strengthening social safety nets are also integral parts of this strategy, as shown in the efforts towards a non-resource economy growth, industrial capacity expansion, and strengthening social policies.
