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Russian economy undergoes large-scale transformation — PM Mishustin

According to Mikhail Mishustin, with a stable labor market and high rates of investment, Russia has been able to adjust to new obstacles and quickly return to sustainable growth

MOSCOW, September 28. /TASS/. The Russian economy is undergoing significant changes, although the most painful phase linked with the severance of relations with the West has already passed, according to Russian Prime Minister Mikhail Mishustin.

"The Russian economy is going through a large-scale transformation, the unilateral severance of previous economic ties by Western partners has aggravated many issues, but the most difficult period has passed," he said.

He also stressed that estimates forecasting a sharp drop in the Russian economy as a result of sanctions did not come true. Furthermore, "last year, none of the foreign experts expected that, given such colossal pressure, the gross domestic product would drop by only 2%," Mishustin said.

According to him, with a stable labor market and high rates of investment, Russia has been able to adjust to new obstacles and quickly return to sustainable growth. The economy had almost totally recovered to pre-crisis levels by the middle of this year, the prime minister noted, and production output in a number of industries had completely surpassed previous values. The only exception, according to Mishustin, is the oil and gas industry, which requires longer time to reestablish commodity flows and locate new trading partners.

Mishustin also noted that Russia expects that foreign investors will return to the Russian market after being pushed to leave by their own governments. "We know that many foreign investors wanted to keep their projects in our country, and we noticed that they were interested in doing so. We respect their efforts and recognize the circumstances they found themselves in as a result of their own authorities' actions. Some were forced to leave Russia," he said.

"We hope that pragmatism will prevail and they will return," Mishustin added. In addition, the Prime Minister stated that those who left the Russian market created a niche for other companies and suppliers, as well as opportunities for less-promoted brands and more motivated investors to expand or start new ventures.

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Mikhail Mishustin

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