Moscow’s economy grew 20% in just five years – deputy mayor

Moscow’s economy has grown by more than a fifth over the past five years despite facing serious challenges during that time, according to Deputy Mayor for Economic Policy Vladimir Efimov.   

Despite facing economic headwinds such as the Covid-19 pandemic and Western sanctions, the Russian capital experienced substantial growth, which was driven in particular in industry, finance and telecommunications, he said on Wednesday at the Urban Forum.   

“Even during the critical year of 2020, when the economy was literally put on halt, we haven’t suspended investment programs in the city. Despite a significant reduction in budget revenues, we fulfilled all our obligations in the construction of social and transport infrastructure,” Efimov stated.   

Moscow is no longer a city of malls and luxury restaurants like it used to be, he said. The Russian capital is now home to the most advanced hi-tech industries in the country, according to the official.  

He linked the growth to “unprecedented” support measures provided by city authorities.

Speaking about technology development, Efimov highlighted an industrial cluster of photonics and microelectronics, comprising more than 50 companies. These high-tech ventures have earned 70 billion rubles ($741 million) over the past year and created more than 6,000 jobs, according to the deputy mayor.   

Moscow has also established an Industry Support Center, which is focused on substituting imports, he added.

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