Belousov called Russia an island of stability and predicted a decline in GDP in 2022 within 3%

The decline in GDP in Russia this year will be 2.8-3%, said First Deputy Prime Minister of Russia Andrei Belousov. The Russian economy is approaching the bottom point of the decline in investment and has passed it in terms of consumer demand, Mr. Belousov said following the results of the first day of the Asia-Pacific Economic Cooperation (APEC) summit. In 2023, the economic downturn could reach 1%, the First Deputy Prime Minister concluded, calling Russia an island of stability.

“This year we are quite stable going somewhere around minus 3%, minus 2.9%, minus 2.8% approximately. Next year, we believe we can meet a 1% decline,” said Andrey Belousov (quoted from TASS). “The Russian economy, as has already been said, from our point of view, has passed the lower point of recession in terms of the consumer market, in terms of investment it has not yet, but somewhere we are approaching,” said Mr. Belousov. He explained that the negative growth rates are mainly associated with the events of the second and third quarters.

The First Deputy Prime Minister also said that the unemployment rate in Russia is now below 4%. Russia today is an island of stability amid high uncertainty in the world, Andrey Belousov noted.

“We are much more stable in this respect. In this sense, Russia, no matter how strange it may seem under the conditions of sanctions, is now an island of stability – it is easier to predict events here, the development of events than in the world,” said Mr. Belousov.

The First Deputy Prime Minister also gave figures on the grain deal, saying that Russia exported over 15 million tons of grain and a large amount of mineral fertilizers. “Russia has already exported more than 15 million tons of grain, a large amount of mineral fertilizers. Moreover, deliveries go primarily to developing and poorest countries, especially in terms of grain – more than 90% of deliveries go to the countries of Africa and Southeast Asia,” Andrey Belousov said.

APEC summit passes in Bangkok. Russia is represented at the summit by Mr. Belousov. The main theme of the first plenary session was “Balanced, Inclusive and Sustainable Growth”. On November 19, the second plenary session will be held, which will be devoted to the development of trade and investment. The summit program also provides for a meeting of the heads of delegations with the APEC Business Advisory Council.

The Russian economy will bottom out in the first quarter of 2023, according to a Bloomberg forecast. The fall will immediately be 8% compared to 2022.

Read more in the publication “b FM” “Economy parses forecasts”.

Maria Fedotova