Russia raises GDP growth outlook

Russia raises GDP growth outlook

The Russian Ministry of Economic Development and Trade has raised its forecast for the growth of the country’s economy in 2021, despite new administrative restrictions on business activity due to the third wave of the pandemic.

The outlook on Russia’s GDP growth rates for 2021 has been upgraded to 3.8% compared with 2.9% expected in April, he said, adding that the outlook on economic growth rates for 2022-2024 remained unchanged at 3.2% in 2022 and 3% in 2023 and 2024.

"The reasons of the upgrade of 2021 GDP growth outlook are clear - the improvement of the consumer and investment demand dynamics," TASS cited the representative as saying.

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