“Vedomosti”: The Ministry of Economic Development of the Russian Federation has proposed to lower the forecast for the GDP growth rate to 2.8% in 2022

MOSCOW, February 21. /Then 24/. The Ministry of Economic Development of the Russian Federation estimates Russia’s GDP growth in 2022 at 2.8% instead of 3%. The department has submitted proposals to revise socio-economic development forecasts for 2022-2024 to the government and the presidential administration, the newspaper wrote on Monday.Vedomosticiting a federal official and two government sources familiar with the updated interim forecast.

In September, according to the official forecast for 2022-2024, the ministry expected GDP growth of 3% this year. The revised estimate is due to higher-than-expected GDP growth in 2021, not a deterioration in growth forecasts for the Russian economy, a federal official told the newspaper. He added that the updated indicators were discussed on February 17 during a meeting on economic issues with Russian President Vladimir Putin.

The new parameters of the forecast will be presented in March as planned, consultations are underway with interested departments and the Central Bank, a representative of the Ministry of Economic Development told the publication.

According to Rosstat’s first estimate, Russia’s GDP growth in 2021 reached 4.7%, exceeding the Ministry of Economic Development’s forecast of 4.4-4.5%. Thus, the Russian economy posted the strongest growth since 2008, when GDP grew by 5.2%. Compared to 2019, the GDP of the Russian Federation increased by 1.9%. GDP growth in 2021 in Rosstat is associated with the recovery of economic activity after the coronavirus pandemic.

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