Russian economy showing signs of cooling, official says

By Emre Gurkan Abay and Gokhan Ergocun

MOSCOW (AA) - Economic growth is no longer "at the forefront" in Russia, the country’s economic development minister said Monday, adding: “We are now seeing the first signs of cooling in the economy.”

Pointing to the growing importance of the BRICS group – Brazil, Russia, India, China, South Africa, and others – in the global economy, Maxim Gennadyevich Reshetnikov told a government meeting that by 2030 the countries’ share of the global economy will reach 40%.

Explaining that the Eurasian Economic Union is an organization that provides stability to the Russian economy, he said: “It not only provides an economic union for exports and investments, but also enables us to supply the materials we need.”

Stating that Russia has the potential for 3% annual economic growth potential, Reshetnikov said: “This is an ambitious growth target that can only be achieved by improving the institutional environment and implementing all economic policy measures set out in the updated national projects.”

Reshetnikov spoke days before the third anniversary of the Ukraine war, which led to a series of Western sanctions on Russia’s economy, including tighter ones in recent months. Last week, talk of possible negotiations or a peace deal between Russia and Ukraine has made headlines.