The Ministry of Economic Development estimated the decline in the Russian economy at the end of the year at less than 3%

According to the results of the current year, the decline in the Russian economy will be less than 3%, said Deputy Minister of Economic Development Polina Kryuchkova, speaking at a session of the Moscow Financial Forum.

“If in March-April optimists announced that the economy would fall by 10 percent this year, and pessimists by 20 percent, now we already understand that the economic decline in 2022 will be less than 3%,” Kryuchkova said (quote according to TASS).

The day before, during the plenary session at the Eastern Economic Forum (WEF) President Vladimir Putin declaredthat the peak of the most difficult situation in the Russian economy has been passed. According to him, budget expenditures by the end of 2022 will be 20% higher than in 2021, and the decline “if there is, then insignificant” – 2% of GDP. “Our state finances have stabilized, I want to note that this year’s budget will be drawn up with a surplus of almost half a trillion rubles, somewhere under 485 billion, despite all the gloomy forecasts,” the head of state concluded.

At the end of August, the Ministry of Economic Development appreciated decline in Russia’s GDP for seven months by 1.1%. At the end of July, the Ministry of Economic Development estimated the decline in Russia’s GDP in the II quarter at 4% compared to the same period last year, and for the first half of the year – at 0.5%. Minister of Economic Development Maxim Reshetnikov said that the situation as a whole is developing better than predicted in the spring.

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