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Russian economy to return to growth in late 2022 or early 2023, minister says

It is noted that Russia’s GDP contraction is expected at 0.9% by the end of 2023 due to the high base of 1H 2022 in the base scenario

VLADIVOSTOK, September 6. /TASS/. Russia’s economy will return to quarterly growth at the end of this year or the beginning of next year, whereas GDP growth by 3% is expected starting 2026, Economic Development Minister Maksim Reshetnikov said on Tuesday.

"Our base case scenario suggests a relatively moderate decline this year and a return to growth at the end of this year or the beginning of next year. Considering the high base of this year, statistically there will be a slight decrease next year. <…> We are consistently reaching growth in 2023-2024 and further on we will be moving along the trajectory, and we will reach a 3-percent trajectory after 2026," he told reporters on the sidelines of the Eastern Economic Forum (EEF). "The result is growth in 2030 against 2021 by 17% as suggested by the base case scenario," the minister added.

Russia’s GDP contraction is expected at 0.9% by the end of 2023 due to the high base of 1H 2022 in the base scenario. Investments in Russia will grow by 30% in the period, whereas real disposable income will gain 20%, Reshetnikov said.

Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum will be running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency. This year, the theme of the forum is: "On the Path to a Multipolar World."

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