ST. PETERSBURG, June 7. /TASS/. The Russian economy is developing at a high pace and its growth estimate remains at the target level of 2.8-3%, Deputy Prime Minister Alexander Novak said on the air with Rossiya-24 television at the St. Petersburg International Economic Forum (SPIEF).

"High development indicators remain. We expect achieving 2.8-3% over the year on the whole," the official said.

"We will see how the situation will evolve in the second half of the year and in June," Novak added.