Russian Economic Development Ministry Expects Country's Economy To Grow In 2023

The Russian Economic Development Ministry expects growth of the Russian economy in 2023, above 0.1-0.2%, but it is premature to announce exact figures, since work on the forecast continues, head of the department Maxim Reshetnikov told reporters

MOSCOW (UrduPoint News / Sputnik - 23rd March, 2023) The Russian Economic Development Ministry expects growth of the Russian economy in 2023, above 0.1-0.2%, but it is premature to announce exact figures, since work on the forecast continues, head of the department Maxim Reshetnikov told reporters.

"Growth continues. Now we are preparing scenario conditions for the development of the economy for the next three years, which will become the basis for the formation of the budget. We confirm our expectations for this year for positive and visible growth in the main indicators associated with economic development, investment, and improved forecasts for household incomes," Reshetnikov said.

To a clarifying question about how significant the growth of the Russian economy is expected by the ministry in 2023, Reshetnikov said that "the calibration of the forecast is still ongoing, not by 0.1% or 0.2%, but higher."

"We are finishing this forecast," the minister added.

It is expected that the ministry will submit an updated forecast for 2023 and scenario conditions for the upcoming three-year period in April.

The current forecast assumes a decline in the economy by 0.8%.