Forecast of socio-economic development of Moscow for 2023 – 2025 approved by the city government

At a meeting of the Presidium of the Moscow Government, the forecast for the socio-economic development of the city for 2023-2025 was approved. This was reported on the official website of the mayor of Moscow.

The forecast looks quite optimistic. Thus, it is expected that the growth of the average annual GRP in 2023-2025 will be 2.8-3.3%, and the inflation rate in 2023 will decrease to 5.5% and by 2025 to 3.8%.

The forecast indicates that by the beginning of 2022, the capital’s economy has successfully overcome the consequences of the crisis caused by the coronavirus pandemic. In addition, measures have been taken to compensate for the negative impact of “unprecedented changes in the external conditions of functioning”, including the disruption of trade and cooperation chains caused by Western sanctions, as well as the tightening of monetary policy. Among the measures taken are preferential loans, deferrals on payments, grants, subsidies and other solutions aimed at supporting companies and enterprises of the capital. The total amount of funds allocated for these purposes is over 100 billion rubles.

It is predicted that the volume of investments in fixed assets by the end of the year will reach 5.3 trillion rubles, and in 2023-2025 it will grow steadily by 7.2-7.9% per year.

“The recovery of investment activity is expected due to the easing of monetary policy and increasing the availability of borrowed funds, the transformation of foreign economic activity, transport and logistics chains, technical and investment cooperation,” the city authorities said in a statement.

Investments in the development of transport and transport infrastructure, information technology, manufacturing, scientific and technical activities, as well as in housing and socio-cultural construction will continue in 2023-2025.

Sustainable development of the city’s economy should be ensured by the manufacturing industry and the service sector, including companies and small and medium-sized businesses.

Ensuring the growth of industrial production is planned to be carried out by increasing the number and volume of government orders, continuing the import substitution program, entering new foreign markets and restoring consumer demand within the country.

Growth in the retail trade in 2023-2025 is expected at the level of 2-3.7%, and in the field of paid services – about 1.3-3.5%. The key factors that will ensure such growth are lower inflation, higher wages and an increase in consumer lending.

Unemployment, according to the forecast, over the next three years will remain at a natural level for Moscow of 0.4-0.5%.

Alena Bodrienko.

Photo from the site mos.ru