VLADIVOSTOK, September 7. /TASS/. Sberbank has upgraded its outlook on Russia’s GDP contraction in 2022 from 7% to 4.5%, Chief Executive Officer of the country’s top lender Herman Gref told an online press conference at the Eastern Economic Forum (EEF) on Wednesday.

"As of today, our GDP outlook for this year totals around minus 4.5%, <…> which is much more optimistic than the projections at the beginning of the crisis situation," he said.

In June Gref said GDP contraction was expected at 7% by yearend.

Chief executive of VTB Andrey Kostin projects GDP contraction by 4% in 2022, and by 1.5% in 2023.

The adjusted outlook on Russia’s social and economic development through 2025 prepared by the Economic Development Ministry suggests GDP contraction by 4.2% by the end of this year, and by 2.7% in 2023.

Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum is 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.".