ST. PETERSBURG, June 15. /TASS/. The Bank of Russia estimates the country’s GDP dynamics in 2023 closer to the upper bound of the projected range of 0.5-2%, the regulator’s Governor Elvira Naliullina told reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Thursday.

"Indeed, an accelerated adjustment of the economy is underway, and now, according to our estimations, GDP dynamics is better than the level envisioned by the central point of our forecast. Our [growth outlook] is 0.5-2%, and [GDP estimate lies] closer to the upper bound of our projected range. We will revise the outlook for the next meeting," she said.

Economic Development Minister Maksim Reshetnikov said earlier on Thursday that this year’s GDP growth rates in Russia might turn out to be higher than the official projection by the ministry of 1,2%.

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. 'Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations' is theme of this year’s forum. TASS is the official information partner of the event.

SPIEF’s expanded business program offers attendees the opportunity to participate in more than 140 sessions featuring over 1,000 moderators and speakers, according to event organizer Roscongress Foundation. In line with tradition, Russian President Vladimir Putin will address the plenary session of SPIEF on Friday.