Aug 28, 08:05 PM

Russia Cuts 2025 GDP Growth to 1.5%, Finance Minister Siluanov Cites High Rates; North Korea and Denmark Also Adjust Forecasts

Russia has revised its 2025 GDP growth forecast downward to 1.5% from an earlier estimate of 2.5%, according to statements from Russian Finance Minister Anton Siluanov and reports from the Ministry of Economic Development. The revision reflects ongoing economic challenges including high interest rates and increased war-related spending, which are contributing to rising borrowing costs and uncertainty about the economic outlook. Despite these projections, there are doubts about whether Russia can achieve even this modest growth rate, as the economy struggles under these pressures. In contrast, North Korea's economy is projected to grow by 3.7% in 2024, its fastest pace in eight years, driven by strengthened ties with Russia and a manufacturing boom. Meanwhile, Denmark has cut its 2025 growth forecast to 1.4% from 3%, largely due to a slowdown at pharmaceutical company Novo Nordisk, after experiencing strong growth of 3.7% in the previous year.

#Russia #Russian #Anton Siluanov #Ministry of Economic Development #North Korea #Denmark #Novo Nordisk

Written with ChatGPT (GPT-4).

Russia Cuts 2025 GDP Growth to 1.5%, Finance Minister Siluanov Cites High Rates; North Korea and Denmark Also Adjust Forecasts

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