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Russia Cuts Growth Forecasts, Putin Steers Long-Game Rebound
Description
Russias Economic Growth Forecasts Slashed: Kremlin Confident Despite Challenges
Russias Economy Ministry has significantly reduced its GDP growth forecasts for 2026 and 2027, citing the impact of the Ukraine war, Western sanctions, and high interest rates. Despite these challenges, the Kremlin remains optimistic about macroeconomic stability and has set a target of 2.4% growth by 2029. The Russian economy, valued at $3 trillion, experienced a 0.3% contraction in the first quarter of this year, marking the first drop since early 2023. President Putin has called for growth to resume in 2026 and has been actively involved in economic decision-making. The government is expected to discuss further measures at a top-level meeting this week.
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