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Forecast of Social and Economic Development of the Russian Federation up to 2024

According to the forecast, inflation will reach 4.3% at the end of 2019, while the projected GDP growth rate is 1.8%.

Major industry groups will show substantial growth; besides, industries which are currently exploiting their export potential are expected to make a positive contribution to economic development.

Growing non-commodity exports and services exports will support a current account surplus, overshadowing a decline in oil and gas exports in value terms. Capital outflow is expected to decrease significantly.

Manufacturing is forecast to demonstrate considerable growth in the next few years, reaching 22.8% by 2024. The fuel and energy complex will show steady performance. Gas production is expected to increase, boosted by a more active development of gas fields.

Taking into account balanced solutions in fiscal policy and steady and efficient functioning of the labor market, as well as a set of measures aimed at reducing the level of poverty, the GDP structure by income approach is expected to stay relatively stable up to 2024.

Analytics on the topic