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Russia releases optimistic economic forecast for 2023 — RT Business News

Next year expected to be better for country’s economy than 2022, deputy PM says

The new year will be much easier for the Russian economy than 2022, when the country was hit by unprecedented Western sanctions, according to First Deputy Prime Minister Andrey Belousov.

He said in an interview with the Russia 24 television channel this week that the country has managed to get through even the most difficult periods of the current crisis. Despite widespread expectations of a fairly severe slowdown, the actual decline in economic activity turned out to be much weaker than initial projections, he noted.

“We believe that 2023, if nothing happens, will naturally be much easier than 2022: we do not see any fatal problems there”, Belousov pointed out.

He also said he expects the country’s GDP growth next year to be “close to zero” although official forecasts point to a decline of just under 1%.

“Of course next year we won’t be able to show 3% [GDP growth], it will probably be lower. I think it will be around zero,” said the First Deputy Prime Minister.

The Ministry of Economic Development forecasts a fall in Russia’s GDP of 2.9% this year and 0.8% in 2023. The central bank expects the fall in GDP to be 3.0 to 3, 5% this year and 1 to 4% next year.

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