(Reuters) – Russia’s economy is expected to contract by 2.9 percent this year before returning to growth in 2023-24, Russian news agencies quoted Economy Minister Maxim Reshetnikov said on Tuesday.
In the base case, the Russian economy ministry said it now expects 2023 GDP to contract by 0.9%, TASS reported – up from a 2.7% decline forecast last month %.
Reshetnikov said that the economy will resume quarterly growth as early as the end of this year, with a contraction throughout the year 2023 ) from the high base effect, He says.
The Ministry of Economy also forecast 2024 growth of 2.6%, down from the 3.7% forecast in August, Reshetnikov said, after 2024, The economy is on track to grow GDP by over 3%.
and the Ministry of Economy forecast last month 2022 to contract by 4.2% and 2022 forecast for a 2.7% decline in GDP, a marked improvement. ).
Expectations are now improving as the Russian economy continues to weather the impact of Western sanctions over its invasion of Ukraine, which has worked better than expected, Reshetnikov said.