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Russian economy to grow by 3.9% by end of 2024 — Novak

According to the deputy prime minister, it is necessary to maintain Russia's 4th place among the world economies in terms of purchasing power parity, and also to continue further development

CHELYABINSK, November 8. /TASS/. Russia's economic growth by the end of 2024 will reach 3.9%, and by 2027 the country's economy will grow by 13% compared to 2024, Deputy Prime Minister Alexander Novak said.

"I would like to note that last year the growth rate of our economy reached 3.6%, and this year we expect around 3.9%. By 2027, if it in relation to 2024, taking into account 2024, we should reach about 13%. The growth rate must be increased in order to achieve the set goal, to ensure the sustainable development of our economy and to ensure its transformation," Novak said.

According to him, it is necessary to maintain Russia's 4th place among the world economies in terms of purchasing power parity, and also to continue further development. "Investments should account for about 30% of GDP growth, 60% will come from consumption growth. And, of course, we need to increase production volumes and supply to the market to ensure consumption growth," Novak said.

The deputy prime minister said that the key challenge for the country is to increase labor productivity. "In recent years our labor productivity has grown by about 1.5% per year and we have set ourselves the task of reaching 2.5-3%. This means doubling the rate of productivity growth. To achieve this, the introduction of modern lean technologies, software, modern automated control systems, modern robotic technologies, and artificial intelligence into production processes will be promoted, among other things," he added.

Novak also noted that the strict monetary policy pursued by the Bank of Russia is working, inflation is slowing down. "It is clear that the Central Bank is pursuing a strict monetary policy, as we see, in order to bring down inflationary processes. In my opinion, this is already working, basically. We see that peak inflation, which was in July - somewhere around 9.2% - is now gradually decreasing. Now it is, as of November 1.8%," he said.

Novak added that if inflation declines the Bank of Russia will cut its key rate. "We will see what the dynamics [of inflation decline] will be," the deputy prime minister concluded.

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Alexander Novak

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