Novak assessed the growth potential of the Russian economy

Russia's Gross Domestic Product (GDP) growth potential exceeds 3% per year. This was announced on June 20 by Russian Deputy Prime Minister Alexander Novak during the BEAC business breakfast at the St. Petersburg International Economic Forum (SPIEF-2025).

"The discussion is about what potential we have. Our economic department believes that 3%, the Central Bank believes that it is slightly lower. I think we have more than 3% potential," he said.

According to him, the Russian economy is currently in a state of controlled cooling. The Deputy Prime Minister noted that the indicators demonstrate the need to reduce the key rate of the Central Bank of the Russian Federation and switch to "heating up".

Novak called for faster decisions to be made that will further allow the Russian economy to move forward, rather than freeze it.

Putin's speech at SPIEF 2025: what time is the start of the plenary session, topic

Russian President announces key directions of economic and foreign policy development

On the eve of the Minister of Economic Development of the Russian Federation Maxim Reshetnikov told Izvestia that there are currently risks of hypothermia in the Russian economy. According to him, the current situation has become the subject of active discussions between the government's economic unit, the Central Bank and industry departments.

VTB CEO Andrey Kostin, in turn, stressed that he would not talk about a recession in the Russian economy yet. He also called the current monetary policy very harsh and noted that it would lead to a slowdown in economic growth.