VLADIVOSTOK (Pakistan Point News / Sputnik - 06th September, 2022) The Russian Economic Development Ministry estimates that the decline in the country's gross domestic product (GDP) will be 2.9% in 2022 followed by a decrease of 0.9% in 2023 due to a high base of the first quarter this year, Economic Development Minister Maxim Reshetnikov said on Tuesday.
"Russian economy is coping well with the current sanctions. We expect a 2.9% decline in GDP this year, which is significantly lower than the estimates from March-April," Reshetnikov said on the sidelines of the Eastern Economic Forum (EEF) in the Russian port city of Vladivostok.
According to the minister, the base scenario suggests a relatively small decline this year with a return to growth at the end of this year and beginning of the next.
"Given the high base of this year, there will be a slight decrease statistically for the next year, but we will see, as all our forecasts are usually corrected slightly upwards," Reshetnikov added.
The Russian economy had a very strong first quarter of the year and as a result of which the overall estimate of GDP is negative 0.5% in annual terms, the minister specified, adding that next year, the rate will be negative 0.9%.
Reshetnikov said that starting from 2024, the economy will go into a sustainable positive and reach the 3% trajectory after 2026.
The 7th EEF is held from September 5-8 in Vladivostok, on the Far Eastern Federal University campus. "The Path to a Multipolar World" is the main theme of this year's forum, which includes over 70 business events and is expected to be attended by representatives of over 60 countries.
The Sputnik news agency is an information partner of the forum.
