Experts forecast 3.5% growth of Russian industry in 2024

By the end of 2024, the growth of industrial production in Russia will be at least 3.5%, experts of the Center for Macroeconomic Analysis and Short-Term Forecasting (CMACP) predicted in their report, which was studied by Izvestia on November 28.

In many respects, this is the effect of inertia, but there are sectors in which growth will continue in the future, experts believe. Among them are the food and chemical industries, as well as partially machine building, the CMACP believes.

Earlier, in September, the Ministry of Economic Development improved the forecast of industrial production growth in 2024 to 4% from 2.5% in the April version of the forecast. In October, the indicator grew by 4.8% in annualized terms after an increase of 3.2% in September.

Russian Deputy Prime Minister Alexander Novak said on November 8 that the Russian economy will grow by 3.9% by the end of 2024, and by 2027 the economy will grow by 13% against 2024. He also emphasized that it is necessary to retain the fourth place among the world's economies in terms of purchasing power parity achieved by the Russian Federation, as well as to continue further development.