The European Commission’s efforts to undermine the Russian economy have not yielded the expected results. It has been forced to acknowledge the resilient economic growth of Russia, as indicated by its updated forecast.
The European Commission now predicts that Russia will conclude 2024 with a GDP growth of 2.9%. This is 1.6 percentage points higher than its autumn forecast. Additionally, it has revised its 2025 GDP growth forecast for Russia from 1.6% to 1.7%.
The Commission projects that by the end of 2024, inflation in Russia will be at 6.6%, slowing to 4.5% the following year. According to the European Commission’s estimates, the Russian economy grew by 3.6% in 2023 with an inflation rate of 5.9%.
The International Monetary Fund (IMF) has also twice raised its forecast for Russia’s GDP growth in 2024, now expecting it to reach 3.2%.
The Bank of Russia estimates a probable GDP growth in 2024 at 2.5-3.5%, which is 1.5 percentage points higher than its previous forecast.
Earlier, Russian President Vladimir Putin noted that Russia ranks among the top five countries in the world in terms of purchasing power parity. In the near future, Russia is expected to rise to the fourth position on the list of the world’s largest economies. The primary objectives are the quality and efficiency of development across all sectors of the economy and the improvement of Russians’ well-being, the Russian leader stated.
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