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Russia's GDP growth rate may surpass developed countries in 2024 — PM

"Now, even some international organizations predict positive dynamics for us in 2023 and a GDP growth rate higher than developed countries in 2024," Mikhail Mishustin said

Russian Prime Minister Mikhail Mishustin Dmitry Astakhov/POOL/TASS

Russian Prime Minister Mikhail Mishustin

© Dmitry Astakhov/POOL/TASS

MOSCOW, March 23. /TASS/. The Russian economy held up last year and is back on track for growth, Russian Prime Minister Mikhail Mishustin said on Thursday as he presented the government's annual report to the State Duma.

He recalled that in the spring of 2022, analysts predicted a double-digit drop in Russian GDP. "But we made it. Yes, it was difficult. In such circumstances, the expected recession turned out to be quite mild. However, we have brought back the economy to a path of growth," Mishustin said.

"Now, even some international organizations predict positive dynamics for us in 2023 and a GDP growth rate higher than developed countries in 2024," Mishustin said.

He went on to say that this is not the first time Russia’s economic structure has demonstrated such adaptability. "It also proved to be more stable than expected in 2020 during COVID. We went through the crisis with more confidence than many Western countries, where the GDP decline was much greater," the Prime Minister added.

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GDP Mikhail Mishustin

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