The Organization for Economic Cooperation and Development ( OECD ) has raised its forecast for Russian economic growth in 2024 to 3.7% from the previously expected 2.6%. In 2025, the estimate for the growth of gross domestic product (GDP) was also revised to 1.1%, which is higher than the previous forecast of 1%. This is reported in the latest OECD report.
Lev Denisov, Director of the Department of Macroeconomic Analysis and Forecasting of the Ministry of Economy of the Russian Federation , noted that the revision of conservative forecasts of international organizations towards more realistic figures is becoming commonplace. He emphasized that the updated OECD estimates for 2024 are close to Russian GDP growth forecasts, while the estimates for 2025 look understated.
“It is obvious that the OECD forecast does not take into account the implementation of new national projects initiated by the President – effective management tools that ensured the development of our country in the face of unprecedented challenges,” Denisov told Gazeta.Ru.
He added that the Russian economy will continue to develop steadily thanks to investment activity and consumer demand, as well as the implementation of technological leadership projects and the lifting of transport restrictions. According to Denisov, the country’s export potential will also contribute to economic growth.
“We are confident that thanks to these factors we will be able to achieve the planned indicators,” he concluded.
Before this, Russians were told that the World Trade Organization (WTO) was experiencing the biggest crisis in its history. Federation Council Speaker Valentina Matviyenko noted the paralysis of multilateral negotiations and called for reforms that would restore the organization’s work. Russian diplomats also criticized the EU sanctions , considering them a violation of WTO norms.