Russia's Economic Development Ministry retains forecast for GDP to grow 2.5% in 2025 despite signs of economy cooling - minister

DAR ES SALAAM. Oct 30 (Interfax) - Russia's Economic Development Ministry sees signs of the economy beginning to cool down, and the ministry will closely assess the dynamics in the fourth quarter, while retaining the forecast for GDP to grow 2.5% in 2025, Economic Development Minister Maxim Reshetnikov told reporters on the sidelines of a business forum in Tanzania.

"We are currently moving within the parameters that have been announced [at growth of 2.5% in 2025]," Reshetnikov said in response to how the Russian Central Bank's hike in the key rate and its trajectory would affect the ministry's forecast for economic growth in 2025.

"We currently see signs of the beginning of the economy cooling. We will of course very carefully watch and analyze the situation based on the figures that appear [on the dynamics of the economy in the fourth quarter]," Reshetnikov said.

"The main message that we always give is that the timeliness of decisions [on the key rate] is important, and not just the tightness or softness of monetary policy," Reshetnikov added.