The Russian economy will likely mark quarterly growth at the end of 2022, while its gross domestic product (GDP) is now expected to decline by 2.9% this year and by 0.9% in 2023 after the country's Ministry of Economic Development improved its forecast on Tuesday, the head of the ministry, Maxim Reshetnikov (pictured left), told the press during the day, APA reports citing Tele Trader.
The latest assessment of GDP's expected decline is ''significantly lower'' than the projections from March or April, as the country ''adequately'' fights Western sanctions amid the situation in Ukraine, the minister explained. Starting from 2024, Russia will enter a phase of ''steady growth,'' which is expected to amount to 2.6% during that year. However, the Russian economy will not stop there, and it should mark further growth in the future - its investments should go up by 30% from 2021 to 2030, and real cash income - by 20%, Reshetnikov added.
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