Moscow, December 29 – The decline in Russian GDP in 2022 will be 2.7%; Russian Finance Minister Anton Siluanov said that, according to the forecasts of the Ministry of Finance, the decline will continue in 2023.
“Although GDP is falling, it is not some kind of double digits. The latest data shows that GDP will decrease by about 2.7% this year,” he said in an interview with Russia 24 TV channel. “It is also possible that, according to our forecasts, the decline will continue next year. Although we will do our best to reach positive trends next year, but so far, according to forecasts, we have a slight shortage,” Siluanov added.
In the spring, after several sanctions were imposed on the Russian Federation, both Russian administrations and international organizations gave forecasts about the economy, one more pessimistic than the other. The Ministry of Economic Development predicted a decline in Russia’s GDP by 7.8% (as in the 2009 crisis), the Bank of Russia – by 8-10%, and a number of market analysts called the values above 10%. By the summer, the forecasts began to be revised, and by the fall they had improved significantly.
Now the Ministry of Economic Development predicts a decline in the Russian economy in 2022 by 2.9%, in 2023 – by 0.8%. At the same time, Russian President Vladimir Putin said last December that Russia’s GDP decline this year could reach 2.5%.
According to Siluanov, the financial and economic authorities have “done a good job” in the past year. The main thing that has been done is to maintain macroeconomic and financial stability. In addition, it was possible to stabilize the exchange rate.
“We have drawn up a projected budget, established a three-year budget policy, ensured budget stability, and fulfilled budget obligations this year. We have restructured budget expenditures in such a way as to contribute to the development of the economy and support citizens who need support, and we have adopted a whole range of anti-crisis measures. . According to him, as a result, the dynamics of the economy is better than expected.
Among the results for the year, the head of the Ministry of Finance also set an acceptable and controllable level of the budget deficit at 2% of GDP. He added that the debt will reach 16% of GDP despite all the active debt operations this year and the financing of the new expenditures that we need, so, in general, the budget was in our opinion a source of motivation to support people and individuals. Economy “.
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