Oreshkin predicted GDP growth by 1-2%

According to the results of 2023, Russia’s GDP growth will be from 1 to 2%, said Presidential Aide Maxim Oreshkin, speaking at the educational marathon “Knowledge. First.”

“If you look at the economic picture now, it allows you to talk with a certain optimism about what is happening in our country. As I said, our economy has been demonstrating positive growth rates since July last year. The levels of business confidence of both business and the population are at multi-year highs. In general, for the year, GDP will grow somewhere from 1 to 2%, – leads Oreshkin’s words to RIA Novosti.

According to his forecast, by the end of the year the Russian budget will be in surplus. As Oreshkin pointed out, in general, the deficit level will be close to the target values. The budget deficit of the Russian Federation is expected at the level of 2% of GDP.

Formerly Deputy Chairman of the Central Bank Alexei Zabotkin notedthat the dynamics of Russia’s GDP, judging by the data for the first quarter of this year, is closer to the optimistic part of the range of the Bank of Russia’s forecast for the whole of 2023 (from -1% to +1%).

April 14 Minister of Economic Development Maxim Reshetnikov informedthat the agency improved the forecast for the Russian economy in 2023 from a decline of 0.8% (in the September forecast) to growth of 1.2%. The main contribution to economic growth, according to Reshetnikov, will be made by the recovery of consumer demand after the recession in 2022. The expected growth in household incomes will contribute to this, the minister noted. Demand will recover both as the population’s propensity to save normalizes and as consumer lending grows, he added.

In February, the Central Bank improved its assessment of Russia’s GDP in 2023. Instead of a decline of 1–4%, the Bank of Russia expects dynamics in the range from -1% to +1%.