Economy Ministry: Russia’s GDP, investment to rise in 2023

MOSCOW, Mar 16 (PRIME) -- Russia’s gross domestic product (GDP) and investment will rise in 2023, Economic Development Minister Maxim Reshetnikov said on Thursday during a meeting of the Russian Union of Industrialists and Entrepreneurs.

“It became obvious at the end of last year and at the beginning of this year that the economy will develop significantly faster in 2023 than we expected. The results of last year, January, and the first 10 days of February show that … It is obvious that we will register growth of the economy, GDP, and investment this year,” he said.

The ministry is now updating the social and economic development forecast, and will submit the document to the government in April. Households’ real income growth will be upgraded, while unemployment will remain low, he said.

At the same time, deficit of employees in Russia will remain one of the major internal risks for the economy.

“We should work further to improve workforce productivity, to improve flexibility, and to redistribute the workforce among the regions and industries,” he said.

Deputy Prime Minister and Industry and Trade Minister Denis Manturov told reporters that the output of Russia’s manufacturing industry would grow by 1% this year.

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