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VTB expects Russian GDP to decline by 4% this year

In 2021, Russia reported a GDP growth of 4.6%

VLADIVOSTOK, September 7. /TASS/. VTB expects the Russian economy to shrink by 4% in 2022 and by 1.5% in 2023, Chief Executive Officer of Russia’s second-biggest lender Andrey Kostin told the Eastern Economic Forum on Wednesday.

"We expect the decline to be at around 4% this year. <…> Next year, we expect the GDP to decline by 1.5%, while annual economic growth is expected for 2024. In general, we expect the level of 2021 to be achieved in four or five years," Kostin said.

In 2021, Russia reported a GDP growth of 4.6%.

In accordance with the Russian economic ministry’s forecast until 2024, Russia’s GDP is expected to shrink by 4.2% this year and by 2.7% - in 2023.

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.".