Central bank expects Russia’s GDP to fall by 3–3.5% in 2022

MOSCOW, Nov 22 (PRIME) -- The central bank expects Russia’s gross domestic product (GDP) to fall by 3–3.5% in 2022, Deputy Chairman Alexei Zabotkin told reporters on Tuesday.

Earlier in November, First Deputy Prime Minister Andrei Belousov said that the GDP contraction would amount to 2.8–3% in 2022 and no more than 1% in 2023.

“Our forecast is a 3–3.5% (contraction). I think that the economic uncertainty is still high in the fourth quarter. We are probably more conservative than Andrei Removich (Belousov),” Zabotkin said.

The regulator expects inflation to fall below 4% in March–April 2023 taking into account the high base of 2022, he said.

The Economic Development Ministry expects Russia’s GDP to fall by 2.9% in 2022 and by 0.8% in 2023, while the regulator expects a GDP decrease of 1–4% next year.

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