Russia’s Internet economy to rise by 24% in value to $187 bln in 2022
Compared with previous years, growth rates will drop almost two-fold, Director General of the Russian Association for Electronic Communications Sergey Grebennikov says.
Russia’s Internet economy will increase by 24% in value terms in 2022 compared with 2021 to 11.8 trillion rubles ($187 bln), whereas the growth rate will drop almost two-fold compared with previous years, Director General of the Russian Association for Electronic Communications (RAEC) Sergey Grebennikov said in a report at the Russian Internet Week 2022 on Monday.
"According to preliminary estimates made by the analytical division of the RAEC, Russia’s Internet economy will rise by 24% in 2022 compared with 2021 to 11.8 trillion rubles," he said.
Compared with previous years, growth rates will drop almost two-fold, he noted, adding that the growth amounted to 41% in 2020 in annual terms, and 42% in 2021.
The decrease in growth rates in 2022 is connected with the still unfinished process of adjustment to new instruments and solutions, the lack of competitive Russian analogues in a number of solutions, initiatives in the area of regulation of the advertising sector, as well as to consumers’ shifting to a policy of frugality, according to the report.
RAEC believes that in order to restore the growth rate of Runet in the short term it is necessary to ensure incentive regulation, primarily by minimizing the number of regulatory initiatives that have an ambiguous impact on the industry. Moreover, it is necessary to maintain support of the sector until the full completion of the process of adjustment to the new environment, with a focus on the sectors of Internet advertising and digital content.
"That said, it is impossible to fully return to the ‘pre-crisis’ growth rates without completion of the period of turbulence and stabilization of the macroeconomic situation," according to the RAEC’s report.
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Russia’s Internet economy will increase by 24% in value terms in 2022 compared with 2021 to 11.8 trillion rubles ($187 bln), whereas the growth rate will drop almost two-fold compared with previous years, Director General of the Russian Association for Electronic Communications (RAEC) Sergey Grebennikov said in a report at the Russian Internet Week 2022 on Monday.
"According to preliminary estimates made by the analytical division of the RAEC, Russia’s Internet economy will rise by 24% in 2022 compared with 2021 to 11.8 trillion rubles," he said.
Compared with previous years, growth rates will drop almost two-fold, he noted, adding that the growth amounted to 41% in 2020 in annual terms, and 42% in 2021.
The decrease in growth rates in 2022 is connected with the still unfinished process of adjustment to new instruments and solutions, the lack of competitive Russian analogues in a number of solutions, initiatives in the area of regulation of the advertising sector, as well as to consumers’ shifting to a policy of frugality, according to the report.
RAEC believes that in order to restore the growth rate of Runet in the short term it is necessary to ensure incentive regulation, primarily by minimizing the number of regulatory initiatives that have an ambiguous impact on the industry. Moreover, it is necessary to maintain support of the sector until the full completion of the process of adjustment to the new environment, with a focus on the sectors of Internet advertising and digital content.
"That said, it is impossible to fully return to the ‘pre-crisis’ growth rates without completion of the period of turbulence and stabilization of the macroeconomic situation," according to the RAEC’s report.
Source