Reshetnikov expects GDP growth of more than 2% by the end of the year

At the end of the year, Russia’s GDP growth will be more than 2%, according to the Minister of Economic Development of the country Maxim Reshetnikov.

“She [экономика России] will definitely grow by more than 2%, but let’s wait for specific numbers. We are currently in the forecasting stage. Therefore, everyone is interested not only in the evaluation of this year, everyone is interested in the evaluation of the next years, – said Reshetnikov to journalists (TASS quote).

The Minister specified that the forecast for the next years will be finalized in August.

In April, Reshetnikov announced that the agency had improved its forecast for the Russian economy in 2023 from a decline of 0.8% (in the September forecast) to growth of 1.2%. Later, the Bank of Russia also improved the forecast for the dynamics of Russian GDP: the regulator now expects the economy to grow by 0.5–2% in 2023, although back in February it expected a decline.

Russian President Vladimir Putin at the end of July saidthat the growth rate of the Russian economy this year accelerated from month to month, so we can assume that in 2023 growth will completely cover last year’s decline. The authorities are counting on the growth of Russian GDP by more than 2% by the end of the year, the head of state noted.

At the end of July, experts from the International Monetary Fund (IMF) raised forecast for the growth of the Russian economy to 1.7% from 0.9%, which was expected in April. The main reasons for the improvement were cited as strong performance in the first half of 2023, driven by “strong fiscal stimulus to build on this strength”, as well as a stable situation in the retail, construction and industrial markets. For 2024, the IMF maintained its forecast for economic growth in Russia at 1.3%.