Russian Economy Minister Upwardly Revises 2022 GDP to 2.9% Contraction

The Russian economy is expected to contract by 2.9% in 2022, Economy Minister Maxim Reshetnikov said on Tuesday as reported by Kremlin’s news agencies.

The economy minister expected its economy to perform better in 2023-24, seeing the Russian economy to top 3% a year after 2024.

The forecast has been upwardly revised from August’s 4.2% contraction for 2022 and a 2.7% fall in GDP in 2023.

Maxim Reshetnikov said that the economic outlook had improved as Moscow continued to weather the divorce with Western countries over sanction measures.