The recent NA session gave the green light to the government's socio-economic targets for next year.
The National Assembly (NA) has approved the government’s targets for economic growth in 2015 to reach 6.2 per cent with inflation standing at around 5 per cent.
With 89.54 per cent of NA members voting in favor, the resolution on the socio-economic development plan for 2015 was passed, focusing on the enhancement of macro-economic stability and the removal of obstacles for businesses and production. In the resolution the NA also calls for the effective implementation of strategic breakthroughs, the restructuring of the economy in accordance with the transformed growth model, improving the quality, effectiveness and competitiveness of products, businesses and the economy, reforming administrative procedures, accelerating the settlement of bad debts, and ensuring social welfare.
In order to achieve these targets the NA’s resolutions state that social development capital should account for around 30-32 per cent of GDP and total export value growth should be 10 per cent.
Other socio-economic targets include the proportion of poor households to be cut by 1.7-2 per cent, 1.6 million jobs to be created, unemployment in urban areas to be less than 4 per cent, and skilled workers are to account for 50 per cent of the workforce.
The resolution on the State budget estimate for 2015 was also approved. Budget revenue is projected at $43.85 billion while spending will be $54.6 billion. This translates into a deficit of $10.75 billion, or equivalent to 5 per cent of GDP.