Russian economy grows at record pace – Alexander Novak
The Russian economy grew by a record 8.4 per cent over 2023–2024. It demonstrated resilience, substantial structural transformation, and notable expansion in non-resource industries. The country’s indicators significantly exceed the global average and the growth rates of Western economies. This was stated by the Deputy Prime Minister of the Russian Federation, Alexander Novak, during the programme "Platform of the Future: 100 Projects of Russia. Economy". The event was held on 19 November at the National Centre RUSSIA.
"Despite all the complex situations and challenges facing our country, including sanctions pressure, the Russian economy continues to develop, demonstrating its resilience and substantial structural changes – the development of manufacturing, the growth of export potential, the reorganisation of transport and logistics chains, and the establishment of new partnerships. All this is reflected in our economic growth. Over the past two years, 2023–2024, the Russian economy grew by 8.4 per cent. These are record figures for the past decade, significantly exceeding global averages and, in particular, the growth rates of Western economies," said Alexander Novak.
Since 2020, Russia’s Gross Domestic Product has doubled in nominal terms, the Deputy Prime Minister continued. By the end of 2024, GDP exceeded 200 trillion roubles. Alexander Novak explained this increase by the growth of non-resource, core sectors of the economy. He noted that Russia is undergoing structural changes: the country is becoming less dependent on the resource economy, and manufacturing, tourism, the creative economy, modern technologies, high-tech logistics and industries with high added value and advanced technological characteristics are all developing.
Over the past four years, the main driver of economic growth – and GDP growth – has been investment across many sectors. Overall investment growth over this period amounted to 37 per cent. This is extremely important, because investment is one of the key factors driving the Russian economy," Alexander Novak added. "In the current circumstances, we should note that we are in a period of controlled economic slowdown in order to establish long-term, sustainable growth rates and curb inflation. The main task set by the President of the Russian Federation is to create conditions that will allow us to achieve long-term, sustainable growth above the global average. This task has been set for the period up to 2030 as part of the Presidential Address and the national development goals."
Alexander Novak also noted that the Government of Russia has been tasked with maintaining last year’s position as the world’s fourth-largest economy in terms of GDP and purchasing power parity.
The "Platform of the Future: 100 Projects of Russia" series of thematic programmes is held at the National Centre RUSSIA. They focus on the national development goals set out in Presidential Executive Order No. 309.
Four more thematic meetings will take place before the end of the year. They will present major initiatives covering the social and infrastructure sectors, the environment, industry, the economy and culture. Presentations of these projects at the National Centre RUSSIA will be delivered by members of the Government of Russia and heads of ministries overseeing the implementation of national projects and the achievement of national goals.
Event photobank
The "Platform of the Future: 100 Projects of Russia" series of thematic programmes is held at the National Centre RUSSIA.
The "Journey Across Russia" exposition is especially important for children and younger generations.
