MOSCOW, May 12. /TASS/. Russia is the fourth-largest economy in the world in terms of purchasing power parity and expects to maintain this position, Russian Economic Development Minister Maxim Reshetnikov said at a working meeting with Russian President Vladimir Putin.
TASS has compiled the minister’s key statement at the meeting.
Fourth-largest economy
Russia is the fourth-largest economy in the world in terms of purchasing power parity and expects to maintain this position.
"In terms of the size of the economy, we are the fourth-largest economy in the world in terms of purchasing power parity, and we will maintain this position in the near future," the minister said.
GDP growth recovery
Russia's GDP growth recovered in March.
"Our GDP did indeed decline in the first two months. Growth recovered in March. Of course, it's probably premature to talk about a general recovery, but we see that the situation is stabilizing," Reshetnikov said.
Inflation
Annual inflation in Russia as of May 4 was 5.6%, creating conditions for easing monetary policy.
"It's important that lower inflation is strengthening real incomes. We currently have inflation at 5.6%. "This is a sustainable trend," the minister said.
Investment growth
Investment growth in Russia is expected to recover starting in 2027, while inflation will continue to slow and reach its target level.
"We expect investment to recover starting next year, and we forecast inflation to continue to slow and reach the Bank of Russia's target level. We have discussed these scenarios extensively with the Bank of Russia. They will form the basis for the federal budget projections," Reshetnikov said.
Real incomes
Despite the negative economic dynamics, real incomes continued to grow, and real wages are rising.
"Over the past three years, [Russians’] real incomes have grown by 26%. And in the first quarter, despite some negative dynamics in the economy overall, real incomes continued to grow, by 2.6% in real terms," the minister said.