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17 Jan, 2024 05:31

Russian economy on ‘sustainable growth trajectory’ – Mishustin

The country’s GDP expanded above expectations last year
Russian economy on ‘sustainable growth trajectory’ – Mishustin

Russia has not only withstood the pressure of Western sanctions and outside risks but has also managed to steer its economy toward sustainable growth, Prime Minister Mikhail Mishustin said on Tuesday.  

Every sector of industry registered positive developments over the past year, according to the official.  

“We have managed to neutralize external risks and put the economy on a trajectory of sustainable growth,” Mishustin said at a plenary session of the Russia EXPO event in Moscow.   

The Russian economy is growing rapidly and saw GDP grow by 3.3% in the first 11 months of 2023, the prime minister added, citing preliminary estimates. He further noted that manufacturing grew by 7.5% in the same period.    

Mishustin attributed the results to the implementation of the president’s economic strategy and the work of the Russian government.    

Earlier, President Vladimir Putin forecast that Russia’s GDP may have expanded by more than the previously estimated 3.5% in 2023, stating it was an “amazing” success given that the country has had to operate under unprecedented Western sanctions.

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