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Sberbank CEO expects economic growth in Russia to recover starting 2024

According to Herman Gref, current economic decline is the price of adjustment of the economy to new conditions

ST. PETERSBURG, June 17. /TASS/. Sberbank Chief Executive Officer Herman Gref expects economic growth in Russia to recover as early as in 2024.

"Our forecast for this year is a substantial decline. Next year there will be a decline as well, though smaller than this year. This is the price of adjustment of the economy to new conditions. Economic growth will most likely start in 2024, with its quality and speed depending on how efficient the economic policy is," CEO of Russia’s top lender told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Friday.

The St. Petersburg International Economic Forum organized by the Roscongress Foundation is running from June 15 to 18. This year’s forum is dubbed: ‘New Opportunities in a New World’. The SME Forum, the Creative Business Forum, the Drug Security Forum, the SPIEF Junior Dialogue and SPIEF Sport Week are also going to be part of the SPIEF event. TASS serves as the event’s official photo hosting agency and the information partner.