Mishustin announced the return of the economy to a growth trajectory

Mishustin announced the return of the economy to a growth trajectory



The decline in the Russian economy at the end of 2022 turned out to be moderate, and now the economy has returned to a growth trajectory. This statement was made by the Prime Minister of the Russian Federation Mikhail Mishustin during a speech in the State Duma with a report on the work of the government in 2022.

“The recession – inevitable in such conditions – turned out to be quite moderate. However, we have returned the economy to a growth trajectory,” he said.

Mishustin stressed that Russia "withstood" in the face of economic pressure, although it "was not easy." The Prime Minister noted that "our economic system has shown such flexibility not for the first time." He recalled how, during the pandemic, the Russian economy “passed through the crisis more confidently than many Western countries.”

During his address to the Federal Assembly, Russian President Vladimir Putin said that Russia "was predicted to collapse the economy", but the decline in GDP in 2022 was 2.1%. In mid-March, the head of state notedwhich expects a "significant increase" in the Russian economy in the second quarter.

According to the estimates of the Ministry of Economic Development, by the end of 2023, GDP will decrease by 0.8%, while in 2024 the Russian economy is expected to grow by 2.6%. In February, the Central Bank improved its GDP forecast for 2023 from a 1% decline to a 1% growth instead of a 1-4% decline according to the October forecast.

At the end of 2022, inflation in Russia amounted to 11.94% after 8.39% in 2021. This year, the Ministry of Economy expects inflation at 5.5%. According to the Central Bank forecast, it will be 5-7%, in 2024 it will return to the target of 4%. In February, annual inflation in Russia slowed to 10.99% after 11.77% in January. According to Putin, inflation at the end of March may be below 4%.



Source link