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Russia's economic restructuring amid sanctions will take around two years — official

In 2022, it is expected that Russia's GDP to fall by 7.8%

MOSCOW, May 23. /TASS/. The restructuring of the Russian economy amid new challenges will take about two years, Chairman of the Russian Accounts Chamber Alexey Kudrin said on Monday.

"This year will be difficult for us in terms of the fall in GDP. There are estimates of this decline. The next year could be quite difficult, which depends on the depth of the crisis situations. They are connected with interruption of chains," he said and added, "The scale of these changes is yet to be seen. Therefore, the restructuring of the economy will take 1,5 - 2 years, considering these new challenges and consequences".

According to him, the restructuring of some investment cycles will take about 5-10 years. "The work on the structural restructuring of the economy will continue because of the need to produce our own products. But not within two years. This is a long-term restructuring," Kudrin added.

The Ministry of Economic Development expects Russia's GDP to fall by 7.8% in 2022. At the same time, the main contribution to the dynamics of GDP in 2022 will be made by a decline in consumption due to a decrease in real disposable income by 6.8%, real wages in organizations by 3.8%, and an increase in unemployment to 6.7%. The Ministry expects to see the peak of unemployment in Q3 of 2022.

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