Russia’s gross domestic product (GDP) growth could reach 2.7% this year. Such an assessment from TASS given Andrey Klepach, Chief Economist of the State Corporation VEB.RF, on the sidelines of the Siberian Grain forum.
He explained that this growth can be achieved by increasing consumer activity in the country, increasing the volume of investment and the development of the industry.
“Our forecast for GDP growth in 2023 is 2.7%. First, services are growing very strongly due to consumption. Investments will also grow by about 2.2%, industry including food industry (food – ed.), mechanical engineering is growing well. Not only the defense industry, but also the automotive industry is recovering here, I think there will be 15 percent growth,” the economist explained.
Klepach said that Russia is now actively developing new sales markets with friendly countries. This includes agreements signed after the Russia-Africa summit.
“The logistics of sourcing the same food is not just for our traditional customers, but [таких] like maize but [для] other countries [Африки]. The expert stated that we still have serious hopes for the growth of exports to Iran, Pakistan and India.
Rosstat predicted that Russia’s GDP growth will temporarily be 4.9% in the second quarter of 2023.
Basic forecast of the Central Bank of the Russian Federation recommendsBy the end of 2023, it is predicted that Russia’s gross domestic product will increase by 1.5-2.5%. Maxim Reshetnikov, Minister of Economic Development of the Russian Federation, and Anton Siluanov, Minister of Finance, allowed Russia’s GDP to grow by more than 2% at the end of the year. According to the updated forecast for the socio-economic development of the Russian Federation, the country’s GDP growth in 2023 is expected to be 1.2%, and in 2024 – 2%.
Formerly CBR disclosed Three scenarios for the development of the Russian economy until 2026.