Russian economy to return to growth in late 2022 or early 2023, minister says
It is noted that Russia’s GDP contraction is expected at 0.9% by the end of 2023 due to the high base of 1H 2022 in the base scenario.
Russia’s economy will return to quarterly growth at the end of this year or the beginning of next year, whereas GDP growth by 3% is expected starting 2026, Economic Development Minister Maksim Reshetnikov said on Tuesday.
"Our base case scenario suggests a relatively moderate decline this year and a return to growth at the end of this year or the beginning of next year. Considering the high base of this year, statistically there will be a slight decrease next year. <…> We are consistently reaching growth in 2023-2024 and further on we will be moving along the trajectory, and we will reach a 3-percent trajectory after 2026," he told reporters on the sidelines of the Eastern Economic Forum (EEF). "The result is growth in 2030 against 2021 by 17% as suggested by the base case scenario," the minister added.
Russia’s GDP contraction is expected at 0.9% by the end of 2023 due to the high base of 1H 2022 in the base scenario. Investments in Russia will grow by 30% in the period, whereas real disposable income will gain 20%, Reshetnikov said.
Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum will be running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency. This year, the theme of the forum is: "On the Path to a Multipolar World."
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Russia’s economy will return to quarterly growth at the end of this year or the beginning of next year, whereas GDP growth by 3% is expected starting 2026, Economic Development Minister Maksim Reshetnikov said on Tuesday.
"Our base case scenario suggests a relatively moderate decline this year and a return to growth at the end of this year or the beginning of next year. Considering the high base of this year, statistically there will be a slight decrease next year. <…> We are consistently reaching growth in 2023-2024 and further on we will be moving along the trajectory, and we will reach a 3-percent trajectory after 2026," he told reporters on the sidelines of the Eastern Economic Forum (EEF). "The result is growth in 2030 against 2021 by 17% as suggested by the base case scenario," the minister added.
Russia’s GDP contraction is expected at 0.9% by the end of 2023 due to the high base of 1H 2022 in the base scenario. Investments in Russia will grow by 30% in the period, whereas real disposable income will gain 20%, Reshetnikov said.
Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum will be running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency. This year, the theme of the forum is: "On the Path to a Multipolar World."
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