Russia Revises Economic Growth Forecasts Amid Changing Global Dynamics

Russia has revised its economic growth forecasts, reducing the 2026 projection to 0.4% from 1.3%. By 2027, GDP growth is expected to reach 1.4%, down from an earlier 2.8% forecast. The government maintains a 2026 oil price forecast of $59 per barrel, reducing it to $50 for 2027-29.

In a surprising adjustment, Russia has lowered its economic growth forecast for 2026 to 0.4%, down from a previously estimated 1.3%, Deputy Prime Minister Alexander Novak revealed in an interview with Vedomosti daily.

The government anticipates GDP to grow by 1.4% in 2027, a sharp decrease from the previously projected 2.8%. This adjustment signals cautious optimism, with growth potentially hitting 2.4% by 2029.

Furthermore, Russia's oil price forecast remains at $59 per barrel in 2026, subsequently dropping to $50 per barrel for the years 2027 through 2029, according to Novak's statements.