Russian economy in 2024 not only survived, but showed high resilience — Deputy PM Novak

  MOSCOW:  Russian economy not only survived last year, but also showed a high degree of resilience, Deputy Prime Minister Alexander Novak s...

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MOSCOW:  Russian economy not only survived last year, but also showed a high degree of resilience, Deputy Prime Minister Alexander Novak said at a meeting of the Federation Council Committee on Economic Policy.

"To cut a long story short, despite all the sanctions and the tightening of sanctions policies by unfriendly countries, the year 2024 showed a high degree of resilience, and the Russian economy not only survived, but also developed," he said.

Novak also said that Russia is now in a period of "controlled economic cooling."

"A strict monetary policy is being implemented to ensure a reduction in inflation, and macroprudential regulation by the Bank of Russia has been tightened. Accordingly, we are also observing a gradual slowdown in the rate of consumer, mortgage and corporate lending," the Deputy Prime Minister stressed.

According to him, today it is important, as part of the current strict monetary and economic policy, to ensure a balance between the rate of economic growth and the tasks associated with reducing inflation.

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