(Reuters) – Russia’s economy is expected to contract by 2.9% this year before returning to growth in 2023-24, Russian news agencies cited Economy Minister Maxim Reshetnikov as saying on Tuesday.
Reshetnikov said the Russian economy could see growth in excess of 3% a year after 2024.
In August, the Economy Ministry forecast a 4.2% contraction for 2022 and a 2.7% fall in GDP in 2023.
Reshetnikov said expectations had now improved as the Russian economy continued to weather the fallout from Western sanctions imposed over its invasion of Ukraine better than expected.
In its base case scenario, Russia’s economy ministry said it now expected a 0.9% GDP contraction in 2023, the TASS news agency reported.
(Reporting by Reuters; Editing by Andrew Heavens and Alex Richardson)
