Official sees Russian GDP falling 2.8–3% in 2022, within 1% in 2023

BANGKOK, Nov 18 (PRIME) -- Russia’s gross domestic product (GDP) will fall by 2.8–3.0% in 2022 and by no more than 1% in 2023, First Deputy Prime Minister Andrei Belousov said on Friday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

"We are to reach a stable level of minus 3%, minus 2.9%, minus 2.8% approximately. Next year, I think, we will be able to limit the decrease to 1%," Belousov said.

Russia has left behind the lowest point in the consumer demand decline, he said. "We have not done this in investments, but are nearing it," he said.

According to Belousov, the purchasing managers' index stands at more than 50% and the level of unemployment is low, which means that the economic environment in the country is fairly good.

The global recession will affect the Russian trade marginally due to sanctions, Belousov also said. "Our foreign trade has sagged anyway, the limits are mainly logistics and transactional," he said.

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