In contrast to early projections of 4.2%, the GDP is now anticipated to fall by 2.9% in 2022.
According to Russia’s Economy Minister Maxim Reshetnikov, the country’s GDP decrease is anticipated to be far smaller than initially anticipated.
The government now predicts that the GDP would fall by 2.9% this year and by 0.8% in 2023.
The ministry predicted a 4.2% fall in GDP in 2022 and a 2.7% decline in 2023 in August.
Reshetnikov predicts that the economy will grow by 2.6% in 2024–2025 as a result of strong local consumer and investment demand, after contracting this year and the following due to Western sanctions.
By the end of 2022, the minister stated, the unemployment rate is anticipated to be 4.5% and the inflation rate to be 12.4%. Expendable income
Reshetnikov emphasised that the government’s emergency support measures and the rise in energy prices following the imposition of sanctions had contributed to stabilizing the Russian economy.
Top government officials have earlier stated that despite Western sanctions, the economy was performing better than anticipated.
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