The forecast by analysts of international rating agency Moody’s, meaning a 3% decline in Russia’s gross domestic product (GDP) in 2023, is wrong. In particular, it does not take into account all the measures being implemented in the country to accelerate the adaptation of the country’s economy to the impact of large-scale sanctions, informs RIA Novosti, referring to the corresponding statement of the Ministry of Economic Development (Ministry of Economic Development, Ministry of Economy).
“Moody’s forecast (about 3% decline in Russian GDP in 2023 – socialbites.ca) does not take into account all the measures implemented in Russia to accelerate the adaptation of the economy to the new conditions,” the ministry said.
The Ministry of Economy also pointed out that analysts from the rating agency were previously wrong about a possible decline in the Russian economy in 2022. The country’s GDP fell 2.1% in 12 months, according to Rosstat, while Moody’s had expected that figure to drop 7%.
February 28, analysts of international rating agency Moody’s Investors Service estimated a 3% decrease in Russia’s GDP in the current year. The monetary financing of the federal budget can affect the recession, which will lead to increased inflation in the country and deteriorate macro-financial stability.