Despite the sanctions against Russia, the government expects only a small decline in gross domestic product. Unlike most in Europe, the country is benefiting from higher gas prices.
The Russian government has improved its forecast for economic development in the current year.
“This year we will probably have a decline in GDP (gross domestic product) of less than three percent, somewhere around two percent and a little bit,” Russian Deputy Prime Minister Andrei Belousov said at a government meeting on Monday, according to the Interfax news agency. This is better than originally expected.
Beloussow also predicted a minus for 2023. According to him, however, this could be moderate and amount to less than one percent. Belousov’s prognosis is significantly more optimistic than the predictions of the Economics Ministry and the Central Bank. Just two weeks ago, the ministry raised its forecast to minus 4.2 percent (previously minus 7.8 percent), and the central bank expects GDP to fall by between 4 and 6 percent.
After the start of Russia’s war of aggression against Ukraine, Western states imposed sanctions on Moscow, causing many international companies to pull out and investment in Russia to fall. However, the higher commodity prices brought Russia significantly more export earnings than before, which at least partially offset the negative impact of the sanctions.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
