Reshetnikov predicted Russian GDP growth by 3% at the end of the year

The Russian economy will grow by 3% by the end of 2023, said Minister of Economic Development Maxim Reshetnikov at a joint meeting of the boards of the Ministry of Economic Development of the Russian Federation and the Ministry of Economy of Belarus.

“We note that our economies have not only held firm, but are reaching record numbers in many indicators. We expect the Russian Federation’s economy to grow at 3% this year,” he said (quote according to TASS).

Based on the results of the nine months of 2023, Russia’s GDP grew by 2.8%, President Vladimir Putin announced on November 1. In August and September the increase was 5.2%. On October 13, Putin at a meeting of the heads of state of the CIS said that the Russian economy by the end of 2023 would be close to 3% growth.

On September 27, the Bank of Russia raised its forecast for the country’s GDP growth in 2023 from 1.5-2.2% to 2.2-2.7%. The regulator pointed to the acceleration of economic activity growth. Due to high domestic demand, the upward deviation of the economy from the balanced growth trajectory increases, which, in turn, increases persistent inflationary pressure. The strong growth in domestic demand is driven by expanding private demand coupled with strong government demand and “expected further increases in fiscal stimulus.”

On September 22, during a government meeting, Reshetnikov said that Russian GDP growth in 2023 will be 2.8%, in 2024 – 2.3%. Going forward, the growth forecast is just over 2% per year. At the end of August, Russian Finance Minister Anton Siluanov allowed the Russian economy to grow by 2.5% or more at the end of the current year.