Russian economy's dynamics in 2023 may turn out better than current official forecast - Kolychev

MOSCOW. Feb 9 (Interfax) - The Russian economy in 2023 may develop better than the official forecast, which currently assumes a decline in GDP by 0.8%, Deputy Finance Minister Vladimir Kolychev said.

"There is a chance that the economy will develop better than the current forecast," he told reporters. He said the likelihood that GDP dynamics in 2023 will turn out better than the current forecast is greater than the risks of a deeper decline relative to the current forecast.

A growth scenario for the Russian economy in 2023 is possible, the government will take measures to implement it, First Deputy Prime Minister Andrei Belousov told reporters on February 8.

"There are opportunities for growth in 2023, this is a probabilistic case. In this sense, the IMF evaluates us even better than we do ourselves," he said.

The International Monetary Fund in its latest report at the end of January changed its forecast for Russian GDP in 2023: it now expects GDP to grow 0.3% after previously forecasting decline of 2.3%, and said growth might accelerate to 2.1% in 2024.

The Russian Economic Development Ministry is expecting the economy to shrink 0.8% in 2023 and the Central Bank expects a decline of 1-4%. The ministry plans to adjust its macroeconomic forecast in March-April, as scheduled, and sees no point reacting to momentary oil price fluctuations. The Central Bank will publish its updated forecast on February 10.