The country’s GDP is projected to increase by 3% this year, driven by strong domestic demand

Russia’s economy could perform even better than the current forecasts, Finance Minister Anton Siluanov predicted on Tuesday.

According to him, the growth of the country’s gross domestic product (GDP) could reach 3% by the end of the year due to a “responsible” economic policy and strong domestic demand. Siluanov noted that Western sanctions since 2014 have led to Russia’s self-sufficiency in food security, adding that the country will continue to “invest” in its “economic independence.”

“Russia is a global economic player and there is no escape from this. All countries dealing with us must understand this,” the minister said.

The European Commission (EC) last week significantly raised its growth projection for the Russian economy from its May prediction of 0.9% to 2% this year. In its revised forecast, the EC admitted the country’s GDP was set to rebound on the back of “stronger-than-earlier expected domestic demand underpinned by fiscal stimulus.”

READ MORE: EU sharply upgrades Russian economy forecast

The EC’s projection is lower than the latest forecast by Russia’s Economy Ministry, which once again lifted its GDP forecast and now expects the economy to grow by 2.9% this year.

Earlier, Andrey Klepach, the chief economist at the Russian state development corporation VEB.RF, predicted that the Russian economy could expand by as much as 3.3% by the end of the year.

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