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Russian economy to return to potential growth rates in 2025, Central Bank says

It is reported that the economy will grow by 1-2.5% in Q4 2023

MOSCOW, August 12. /TASS/. The Russian economy will return to potential growth rates in 2025 under the Central Bank’s base case scenario, according to Draft Monetary Policy Guidelines for 2023-2025.

"Under the base case scenario of the Bank of Russia GDP contraction will total 4-6% by the end of 2022. In 2023, the economy will contract by 1-4%, reflecting the effect of the Q1 2022 base and a more protracted output decrease. Meanwhile, the economy will grow by 1-2.5% in Q4 2023. In 2024, the recovery growth will persist, with Q4 increase amounting to 1-2% in annual terms. In 2025 the economy will return to potential growth rates," according to the document released on Friday.

In its base case scenario, the regulator expects GDP growth in the country at 1.5-2.5% in 2025.