Yevtushenkov expecting difficult 2023 for Russian economy and growth in 2024, biggest long-term challenge is technologies

MOSCOW. Nov 22 (Interfax) - Economic growth in Russia will begin in 2024, with the main long-term challenge facing Russia being overcoming losses in technology after departure of global leaders, Vladimir Yevtushenkov, the largest shareholder of AFK Sistema , said during a speech at the Financial University Forum in Moscow.

"I believe that during 2023 it will be hard, and in 2024 it will be much easier, and somewhat of an economic recovery will begin," he said.

The Sistema chief's estimates as a whole correspond to the official macro-forecast. As previously reported, the Ministry of Economic Development predicts a 2.9% decline of GDP in 2022, a 0.8% decline in 2023 and a 2.6% growth in 2024 and 2025.

According to Yevtushenkov, business connections and processes are currently being adapted to the new conditions.

"This restructuring will take some time, because establishing new ties, establishing relations with those countries about which we knew, frankly speaking, that they were one the map, etc. - these are all very difficult issues. Of course, all this affects the efficiency of business," he said.

According to Yevtushenkov, the main challenge for the Russian economy is the risk of technological backwardness.

"The country could feel it not today-tomorrow, and not even in two years. Usually the technological lag will begin being felt in the course of 5-7 years or more," he said. At the same time, Yevtushenkov is sure that within a few years Russia can learn to create new technologies on its own and implement solutions in practice.