Belousov predicts the dynamics of GDP in 2023 “near zero”
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The dynamics of Russia’s GDP in 2023 will be “near zero” to minus 1%, said First Deputy Prime Minister of Russia Andrei Belousov. According to him, next year will be much easier for the Russian economy than this year.
“Speaking in general, in principle, we believe that 2023 will be, if nothing happens, of course, much easier than 2022. We do not see any fatal problems there. Due to the fact that in the first half of the year it was possible not to miss the situation, now everything is under control, and the policy is quite proactive,” said Mr. Belousov (quoted by Interfax).
In addition, the First Deputy Prime Minister of Russia noted that consumer demand in the country has passed the peak of the decline and has begun to recover, but at a rate about half that of the government’s forecast. According to Andrey Belousov, accelerating the recovery of consumer activity will be the main task of the government for 2023.
In April, the Ministry of Economy predicted a decline in GDP by 8% by the end of 2022, and by 0.7% in 2023. At the end of August, Mr. Belousov said that the decline in GDP in 2022 could be a little more than 2%. December 19 Ministry of Economy improved an estimate of the decline in Russia’s GDP to 1.9%. According to Rosstat, in the third quarter, GDP fell by 3.7% in annual terms against a fall of 4.1% in the second and growth of 3.5% in the first quarter.
Read more about GDP monitoring in material “b”.
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