Russian Prime Minister Mikhail Mishustin announced at a government meeting that Russia’s GDP grew by 5.1% in the first four months of 2024 compared to the same period last year.
Key Highlights:
- Low Unemployment: Mishustin highlighted that this growth was achieved while maintaining a low unemployment rate, which stood at just 2.6% in April.
- Economic Goals: In May 2024, President Vladimir Putin set a target to elevate the Russian economy to the 4th largest in the world by 2030. This goal is to be achieved through increased labor productivity and low unemployment.
- Global Rankings: According to the IMF and the World Bank, Russia has entered the top ten countries with the highest economic growth rates in dollar terms since the beginning of the 21st century.
IMF Forecast:
- Revised Growth Predictions: In February 2024, the International Monetary Fund (IMF) revised its forecast for Russia’s economic growth upward. The IMF now expects Russia’s GDP to grow by 2.6% in 2024, up from the previous prediction of 1.1%.
- Sanctions Resilience: The IMF acknowledged that Russia is handling sanctions better than expected. The economy is bolstered by the development of the defense industry complex and increased consumer activity due to rising wages.
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