Russia Cuts Growth Outlook Despite Putin’s Push to Rally Economy

Russia cut its official growth forecast for this year, even after President Vladimir Putin signaled frustration with the slowdown and ordered the government to respond.

The economy is now expected to expand by 0.4% in 2026, down from a previous estimate of 1.3%, Deputy Prime Minister Alexander Novak said in an interview with the Vedomosti newspaper. The economy, which the government said contracted in the first quarter for the first time in three years, continues to face multiple challenges, he said.