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Russian economy may grow by 2% by year-end — Aksakov

The head of the State Duma Committee on the Financial Market expressed the opinion that the Bank of Russia "will begin lowering the key rate more actively," which would lead to lower lending rates

CHEBOKSARY, May 30. /TASS/. The Russian economy may post 2% growth by the end of 2026, including due to import substitution and lower interest rates, head of the State Duma Committee on the Financial Market Anatoly Aksakov told TASS.

"Production is growing, demand is growing, import substitution is in place, <...> and the [key] rate also has an impact. I believe [growth] will amount to 2%," he said.

Speaking at a board meeting of the Chuvashia Economic Development Ministry, Aksakov expressed the opinion that the Bank of Russia "will begin lowering the key rate more actively," which would lead to lower lending rates.

"Overall, the Russian economy will remain in positive territory this year, and I expect growth to exceed the Russian government’s forecast," he noted.

It was reported earlier that, according to the baseline conditions of Russia’s socio-economic development forecast for 2027 and the planning period of 2028-2029, Russia’s GDP growth rate could reach 2.4% year-on-year by 2029. Economic growth in 2026 is currently projected at 0.4%.

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