Russian President Vladimir Putin this Saturday estimated gross domestic product (GDP) growth of more than 3% in 2024, the third year of the war with Ukraine.
“The current state of the economy allows us to improve our forecasts for its development. Many experts speak of Russian GDP growth exceeding 3% this year,” he said.
This Saturday, Putin presided over a government meeting, a working day in Russia due to the May holidays, on the state of the economy and also on development prospects over the next six years.
The Russian leader highlighted that, in the first months of this year, the indicators were better than expected and that, in fact, growth was 6% in January and February.
The Ministry of Economy also revised upwards its growth forecasts from 2.3% to 2.8%, while the Central Bank increased it from 1 to 2% to 2.5 to 3.5%.
Recently, the International Monetary Fund (IMF) increased Russia’s growth forecast by six tenths of a percentage point to 3.2%, thanks to the positive evolution of its oil exports.
The IMF considers that the Russian economy has strengthened because oil export volumes have remained stable due to trade with countries not aligned with Western sanctions.
In early April, Russian Prime Minister Mikhail Mishustin said that GDP had grown by 3.6% in 2023, despite increased external pressure, referring to Western sanctions.
