Putin’s aide: Russia’s economy to expand by 1–2% in 2023

MOSCOW, Apr 25 (PRIME) -- Russia’s economy will expand by 1–2% this year, Maxim Oreshkin, aide to President Vladimir Putin, said during a forum on Tuesday.

“If we look at the economic picture, it will ensure certain optimism. As I said, our economy has demonstrated positive growth dynamics starting from last July. Business activity and the confidence levels of businesses and individuals are the highest in the last several years … In general, the GDP should rise by 1–2% this year,” he said.

Unemployment is also at the low level of only 3.5%. Inflation in Russia will amount to about 2.5% as of the end of April, while wages are rising and banks continue expanding their lending. Real wages will rise by 10% on the year in April, he said.

Russia’s budget is stable, its deficit will be close to the target of 2% of GDP in 2023 because it will switch into surplus later after a period of great spending at the beginning of 2023, Oreshkin said.

Even life expectancy will outperform the pre-pandemic year of 2019 in 2023, he added.

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