Russian economy expected to grow 3.9% in 2024, Moscow forecasts

Moscow, Dec 11 (Prensa Latina) Deputy Prime Minister Aleksander Novak said during the dialogue "100 questions about the future of Russia" that the Russian economy is expected to grow by 3.9 percent by the end of 2024 despite external shocks, pressures from tens of thousands of sanctions, the closure of export markets, the disruption of logistics chains driven by the initiators of the economic war against Russia.

December 11, 2024
08:12

Novak added that the Russian economy has shown steady development in recent years. “If we take, for example, economic growth from 2020 to 2024, it will be around 12.7 percent. Last year alone it was more than 3.6 percent,” he said.

Novak said that this growth rate is well above the world average, “and many times higher than the growth rates of developed countries such as, for example, those in Europe. So we see that our economy is coping with these difficulties.”

“Last year we had an investment growth of 9.8 percent; this year, in 9 months, the investment growth is 8.6. And for the year, we expect growth of around 7.8. This is also a very high growth rate,” the official stressed.

“If we talk, for example, about the plans until 2027, we expect, in accordance with the forecast of socio-economic development of our country, the growth of the gross domestic product of around 13 percent,” the minister said.

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