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Russian economy expected to grow by 3.9% in 2024 — Novak

This is much above the average growth rates globally, the Russian deputy prime minister noted

Russian Deputy Prime Minister Alexander Novak Anton Novoderezhkin/TASS

Russian Deputy Prime Minister Alexander Novak

© Anton Novoderezhkin/TASS

MOSCOW, December 11. /TASS/. The Russian economy is forecast to grow at the level of 3.9%, Deputy Prime Minister Alexander Novak said.

"Our economy shows sustainable development in recent years. If we take, for example, the economic growth from 2020 to 2024, it will stand at about 12.7%; plus 3.6% last year. We expect 3.9% this year," Novak said.

This is much above the average growth rates globally, the official noted.

"And this is many times higher than growth rates of developed countries, for example, such as Europe. That is why we observe how our economy is coping with these difficulties. We had the increase in investments by 9.8% observed last year; investments grow by 8.6% this year, within nine months. We expect the incremental growth rate of about 7.8% annually. These are also very high growth rates. If we speak, for example, about plans by 2027, we expect the incremental growth rate of our gross domestic product by about 13% in accordance with the forecast of socioeconomic development of our country," he added.

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