Russia's Economic Development Ministry forecasts growth in investments in fixed assets to rise at level of 0.5% in 2023, 3.2% in 2024, 3.7% in 2025, 4.5% in 2026

MOSCOW. April 14 (Interfax) - The Russian Economic Development Ministry's updated macro forecast calls for growth in investments in fixed assets domestically at the level of 0.5% in 2023 against the previously projected decline of 1% forecast in September 2022.

Growth in investments should be 3.2% in 2024, 3.7% in 2025, and 4.5% in 2026. These expectations are in the main parameters of the scenario conditions for 2023-2026, as agreed with the Finance Ministry, and which the Economic Development Ministry has sent to the government, a ministry representative told reporters.

The September forecast had envisaged growth in investments in fixed assets at 3.9% in 2024, and 3.7% in 2025

Speaking on Friday at a joint board meeting of the Economic Development Ministry and the Finance Ministry, Economic Development Minister Maxim Reshetnikov stressed that although budget investments were the basis for growth in investments last year, private investments must support positive dynamics going forward.

"The investment process last year was supported significantly by the budget. With overall growth of 4.6% in investments, the federal budget's share in the investments exceeded 26%. This year, investment growth must continue through private initiative," Reshetnikov said.

"Amid the decline in excess profits from exports and the decrease in profits of large companies, it is necessary further to develop instruments to support investors. At the same time, it is necessary to work on improving the efficiency of public investments," the minister said.