Growth in Russia's GDP could exceed 3% in 2024 - Oreshkin

ST. PETERSBURG. June 7 (Interfax) - Growth in Russia's GDP could exceed 3% in 2024, Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin told journalists on the sidelines of the St. Petersburg International Economic Forum (SPIEF) 2024.

"We could [grow by more than 3%]," Oreshkin said, responding to a question about this year's expected growth rate in the economy and the possibility of exceeding 3%.

Oreshkin also said that although Russia, according to the World Bank, had already reached fourth place in 2021 in terms of the size of the economy, as calculated using purchasing power parity, this does not remove the task of maintaining the position, since "there are serious competitors."

"We have very serious competitors, especially in the countries of Southeast Asia, an economy like Indonesia, which is rapidly developing, actively developing. Southeast Asia is up and coming, and in this regard, we need to become better, progress strongly in order to maintain the positions that we have attained and have achieved," he said.

As reported, the Economic Development Ministry estimates that the country's GDP grew 4.4% year-on-year in April 2024 following an increase of 4.2% in March, 7.6% in February, and 4.8% in January. The ministry has estimated that GDP rose 5.1% in January-April 2024.

At the end of April, both the Economic Development Ministry and the Central Bank of Russia improved their respective forecasts for growth in GDP this year. The ministry raised its outlook for economic growth to 2.8% in 2024 from its September estimate of 2.3%, while retaining its forecast of 2.3% for 2025. The Central Bank raised its outlook to 2.5%-3.5% from 1.0%-2.0%, while also retaining is forecast of 1.0%-2.0% for 2025.