MOSCOW (Pakistan Point News / Sputnik - 09th July, 2021) The Russian economy will grow by 3.8 percent in 2021, not 2.9 percent as it was earlier expected, the Russian Economic Development Ministry said in a letter with a social and economic forecast to regions obtained by Sputnik.
The ministry has confirmed the revised forecast.
"Russia's expected GDP growth in 2021 will amount to 3.8 percent compared to 2.9 percent [in the previous forecast]. The GDP growth forecast has been improved because of the improved dynamics of consumer and investment demand," a spokesperson for the ministry told Sputnik.
The Russian economy is also expected to increase by 3.2 percent in 2022 and by 3 percent in 2023-2024.
