MOSCOW, August 14. /TASS/. Russia’s economy is successfully undergoing the transformation process faster than projected, Presidential Aide Maxim Oreshkin said in an op-ed article for TASS, adding that the quick recovery phase has obviously passed already, while growth will slow down further on to a more stable range of 2-2.5% per year.

"The economy is successfully changing its structure, faster than anyone projected. The economy gained 4.9% in the second quarter compared with last year, moreover, it grew compared with Q2 2021. Non-oil and gas GDP is demonstrating even quicker dynamics," he said. "It is also obvious that the quick phase of economic recovery has passed, while growth will slow down further on to a more stable range of 2-2.5% per year," Oreshkin added.

Earlier, the Bank of Russia said in its draft guideline for single state monetary policy for 2024-2026 that the transformation of the country’s economy would continue in 2024-2025, adding that GDP would return to the balanced growth trajectory of 1.5-2.5% in 2026.