8 Sep 2021 13:42

Econ Ministry ups 2021 Russian GDP growth forecast to 4.2% from 3.8%, lowers 2022 forecast to 3% from 3.2%

MOSCOW. Sept 8 (Interfax) - Russia's Economic Development Ministry expects the country's GDP to grow at least 4.2% in 2021 - these figures have been included in the new macroeconomic forecast, Economic Development Minister Maxim Reshetnikov said during a session at the Moscow Financial Forum.

"The economy - 4.2% this year is the minimum growth estimate. This is what we have included in the forecast now," Reshetnikov said.

As reported, the ministry's previous forecast for Russian GDP growth in 2021 was 3.8%.

The Russian economy will grow 3% in 2022, he said. The ministry has thus lowered its forecast for Russian GDP growth for 2022 from 3.2% to 3.0%.

"Our forecast - 3% growth for 2022 - is clear and confirmed. Whether the rate will stay at 3% in 2023-2024 directly depends on the release of the new investment flywheel," Reshetnikov said, stressing the highly important role of the launch of the new investment cycle and the role of the state in it.

As reported, the Economic Development Ministry's June forecast assumed Russian GDP growth in 2021 at the level of 3.8%, in 2022 of 3.2%, and in 2023-2024 of 3.0%.

The new figures voiced by Reshetnikov from the macroeconomic forecast, which the budget commission approved on Tuesday, now assume growth of the Russian economy of 4.2% in 2021 and 3.0% in 2022-2024.

As reported, the Central Bank of Russia expects Russian GDP growth within the range of 4.0-4.5% in 2021 and 2.0-3.0% per year in 2022-2024.

A consensus forecast of analysts surveyed by Interfax in early September projected GDP growth in 2021 of 4.3% and in 2022 of just 2.4%.