6 Sep 2022 10:25

Russia's Economic Development Ministry expects GDP to contract 2.9% in 2022 and 0.9% in 2023, to grow around 3% as of 2024 - Reshetnikov

VLADIVOSTOK. Sept 6 (Interfax) - Russia's Economic Development Ministry has improved its expectations for GDP dynamics for 2022 and 2023, and the ministry now expects the country's economy to contract 2.9% in 2022 and 0.9% in 2023, Economic Development Minister Maxim Reshetnikov told reporters on the sidelines of the Eastern Economic Forum.

Reshetnikov said that the Russian economy could enter quarterly growth by the end of 2022, though there will likely still be a slight contraction overall in 2023 owing to the high base at the beginning of 2022.

Russia's economic minister said that in the baseline scenario, GDP is expected to grow 2.6% starting from 2024, further entering a 3%-growth trajectory, and economic growth could be about 17% by 2030 compared to 2021.