ST. PETERSBURG, June 15. /TASS/. Russia’s GDP contraction may total around 8% in 2022 instead of 10% expected earlier, Chief Executive Officer of the Analytical Credit Rating Agency (ACRA) Mikhail Sukhov said in an interview with TASS prior to the St. Petersburg International Economic Forum (SPIEF).

"Real GDP will obviously contract this year. Several months ago, we said the contraction would reach 10%, whereas now we project around 8%. But even this decline compared with last year’s level is quite a lot. Later a certain increase is inevitable, though during this increase I do not think we will achieve the 2021 levels of real GDP under the optimistic scenario earlier than within five years," he said.

Sukhov expects around one third of what is produced in Russia to change during this time in terms of quality due to the structural transformation of the economy.

"Probably new goods will be cheaper, though nothing is for free in the world, and a cheaper brand will most likely be exploited disproportionately less than a more expensive one," CEO said.