15/07/2018

Mordovia shows record economic growth thanks to World Cup

Mordovia shows record economic growth thanks to World Cup
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During the preparations for the 2018 FIFA World Cup, economic growth in the Republic of Mordovia was 23‒25 percent, with the average annual growth at around 5 percent. This puts Mordovia among the top five regions in Russia, according to Mordovian First Deputy Prime Minister, Minister for Economy, Trade and Entrepreneurship Vladimir Mazov.

"We forecast that the region's economy will grow by at least 5 to 6 percent in the next five years," Mazov said.

The minister also noted that the construction sector developed dynamically during the World Cup preparations. According to Mazov, trade in the republic has also grown due to the World Cup: the region saw a 10 percent increase in trade, amounting to 46 billion rubles, while the nationwide average is around 1‒2 percent.

Speaking about investments in the World Cup preparations, Mazov said that Mordovia advanced 30 years compared with the cities that did not host the tournament and build major infrastructure. The minister added that otherwise it would have taken a long time for some areas to develop, such as the airport, hotels, transportation, housing, and sports infrastructure.

The minister added that about 60,000 jobs were created in the region during the preparations for the World Cup.

"Mordovian businesspeople now see economic relations slightly differently in terms of business culture and service. We still have to work hard, but we have a different economic outlook now, and businesses in the region have broken new ground," Mazov added.

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Press conference by Vladimir Mazov, First Deputy Prime Minister and Minister of the Economy, Trade and Enterprise of the Republic of Mordovia