OREANDA-NEWS The economic forecast for Russia for the coming years has been updated. According to information confirmed by VEB, gross domestic product (GDP) is expected to grow by 2 percent in 2024. An increase of 1.6 percent was previously forecast, so this is a significant increase in the forecast by 0.4 percentage points.

Analysts expect that the increase in Russia's GDP next year will be facilitated by increased investment dynamics, including the use of funds from the National Welfare Fund (NWF), as well as the active development of industrial production.

However, according to experts, in the coming years, the growth rate of the Russian economy will remain approximately at the level of 2024. Thus, GDP is expected to increase by 2.1 percent in 2025 and by 2.2 percent by the end of 2026. Compared with previous estimates, the October forecast assumed growth of 2.3 and 2 percent, respectively.

Analysts note that sanctions pressure and a slowdown in the global economy may be constraining growth factors.

Earlier, Vladimir Putin noted the successful results of Russia's economic growth in 2023, where GDP grew by 3.6 percent. The President noted that growth exceeded the global economic average by 0.6 percentage points and developed countries by 2.1 percentage points.