30 Jun 2020 11:06

Minister sees Russian GDP recovering to 2019 level by Q4 2021, then growing 3%

MOSCOW. June 30 (Interfax) - Russia's economy might recover to the average level of 2019 by the fourth quarter of 2021, and subsequently it is expected to see steady growth of around 3% per year, Economic Development Minister Maxim Reshetnikov said at a meeting on the labor market situation chaired by Prime Minister Mikhail Mishustin.

"The national plan presumes that by the fourth quarter of 2021 we will return to the average annual GDP of 2019 and thus fulfill the objective of economic recovery," Reshetnikov said.

"And starting in 2022 we return to a trajectory of sustainable economic growth, have growth figures in the area of 3% - some fluctuations, plus or minus are possible there, this is now a forecast - thanks to the implementation of the package prescribed by the national plan," Reshetnikov said when asked by the prime minister when the Russian economy will move into sustainable growth.

The Economic Development Ministry projected in the latest version of its forecast that Russian GDP will contract by 4.8% in 2020, and then grow by 3.2% in 2021, 2.9% in 2022 and 3.1% in 2023.