The Ministry of Economic Development expects a noticeable growth in Russia’s GDP in 2023

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Reshetnikov said that the Ministry of Economic Development expects a noticeable growth in Russia’s GDP in 2023.

MOSCOW, March 23 – RIA Novosti. Department head Maxim Reshetnikov told reporters that the Ministry of Economic Development expects a noticeable growth of over 0.1-0.2% in the Russian economy in 2023, but it is too early to announce the exact figures, as work on the forecast continues.

“Growth continues. We are now preparing scenario conditions for the development of the economy over the next three years, which will form the basis for the formation of the budget. We confirm our broadly positive and visible growth expectations for this year.” Indicators for improved forecasts for economic development, investment and household incomes,” Reshetnikov said.

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To an explanatory question by the Ministry about how significant the growth of the Russian economy is expected in 2023, Reshetnikov replied, “The calibration of the forecast still remains, but not 0.1% or 0.2%, but higher (growth expected – – ed.)”.

“We are finishing the assembly of this estimate,” the minister added.

The Ministry of Economic Development is expected to present an updated forecast for 2023 and scenario conditions for the next three years in April.

The current forecast assumes a 0.8% decline in the economy, but earlier Reshetnikov said that the ministry expects GDP growth and investment in Russia in 2023, improving the real income forecast of the population.

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In February, First Deputy Prime Minister Andrey Belousov said there are opportunities for the Russian economy to enter positive territory by the end of 2023. The Central Bank of Russia also improved its forecast in February, allowing changes in GDP dynamics from a 1% decrease to a 1% increase rather than a 1-4% decline.

According to Rosstat’s initial estimate, Russia’s GDP in 2022 decreased by 2.1%. Investments in fixed capital showed no growth – by 4.6%. Such results, against the background of unprecedented Western sanctions, turned out to be much better than the initial expectations of both the authorities and the market.

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Source: Ria


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