Novak predicted GDP growth to reach 2.4% by 2029

In 2026, the gross domestic product (GDP) is expected to show a positive trend of 0.4%, followed by a recovery period: growth will accelerate from 1.4% in 2027 to 2.4% in 2029. This was announced on May 12 by Russian Deputy Prime Minister Alexander Novak.

"Next, there will be a period of recovery in growth rates from 1.4% in 2027 to 2.4% in 2029," he said in an interview with Vedomosti newspaper.

According to Novak, inflation in 2026 will approach 5.2%, and from 2027 it will be near the target level of 4%. In addition, the Government is systematically working to return the economy to a trajectory of sustainable long-term growth at least below the global average. According to him, there are changes in the structure of the economy, exports and the labor market.

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On the same day, Novak said that after a period of high economic growth, an adjustment always follows, often accompanied by a structural transformation. This is a normal stage in which it is worth paying special attention to risk management.