Russia’s economy ministry said it expects economic growth to pick up after 2019, moving closer to levels ordered by President Vladimir Putin.
The economy ministry said higher oil output by OPEC and non-OPEC members will not cause rapid moves in oil prices. Russia is set to produce 549 million tonnes of oil in 2018, bringing its output to 555 million tonnes in 2019 and to 560 million tonnes in 2020-2021.
Russia’s gross domestic product is seen growing 1.9% this year and 1.4% in 2019, before picking up to 2.0% in 2020 and further to 3.1% in 2021, the ministry said.
Between 2022 and 2024, GDP is expected to grow at 3.2% a year, which would help move Russia towards Putin’s goal of being one of the top five world economies by 2024, Reuters reported.
"The Ministry of Economic Development of the Russian Federation has revised forecasts of social and economic development taking into account targets set by President of the Russian Federation," the ministry said in a monthly report.
Consumer inflation in 2019 is seen overshooting the central bank’s target of 4.0%, the ministry said.