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Russian economy recovers quicker than projected, current growth rates above global average

Economic Development Minister Maxim Reshetnikov mentioned accumulated stock of strength, economic stability and adequate targeted state support as factors behind this stability

MOSCOW, February 27. /TASS/. Russia’s economy has recovered quicker than projected, with the current growth rates exceeding the worldwide average, Economic Development Minister Maxim Reshetnikov said.

"Russia’s economy has recovered, it recovered quicker than projected. This is not an issue of the quality of forecasts, it [the economy] turned out very adjustive, flexible and stable, and the current growth rates are above the worldwide average," he said.

The minister mentioned accumulated stock of strength, economic stability and adequate targeted state support among others as factors behind this stability.

According to the Economic Development Ministry’s forecast, Russia’s GDP will grow by 2.3% in 2024. The Bank of Russia projects GDP growth at 1-2%.

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