Russian economy recently grew faster than many developing countries — ministry – Business & Economy

MOSCOW, October 23. /TASS/. The Russian economy has been growing at a much higher rate than the economies of a number of developing countries in recent years, Deputy Economic Development Minister Dmitry Vakhrukov said at a TASS news conference.

“We understand that the Russian economy has developed in recent years, despite all the challenges, and in many respects is growing at a higher rate than many developing countries. But the main question we need to answer is how to maintain the momentum, how to boost economic development in the next decade,” he said.

The Deputy Minister noted that the government is working on key needs for regional development and business in the country.

Earlier, the International Monetary Fund (IMF) improved its forecast for Russia’s GDP growth in 2024 to 3.6% from 3.2%, but worsened its expectations for 2025 to 1.3% from 1.5%. The fund believes that the slowdown in the growth rate of the Russian economy will occur because private consumption and investment are slowing down amid reduced tensions in the labor market and slowing wage growth.

The Russian Ministry of Economic Development has raised its forecast for the country’s GDP growth in 2024 to 3.9% from 2.8% and also expects stable economic growth of 2.5-2.8% until 2027.

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