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MIL OSI Translation. Region: Russian Federation –

Source: Ministry of Economic Development (Russia) – An important disclaimer is located at the bottom of this article.

The Russian economy has not only adapted to new foreign economic conditions, but is also developing successfully. This was announced on Wednesday, January 17, by the Minister of Economic Development of the Russian Federation Maxim Reshetnikov at a meeting of the President of the Russian Federation with members of the Government.

The head of the department recalled that, according to the World Bank methodology, Russia in 2021 became the fifth economy in the world and the largest economy in Europe in terms of purchasing power parity. “By the end of 2022, we confidently maintain this position. And this is despite the fact that the World Bank’s calculations are based on early estimates of the growth of our economy for 21-22,” he added, pointing out that, as a rule, these estimates are subsequently adjusted.

The Russian Ministry of Economic Development expects the first estimate of GDP growth in 2023 to be 3.5% in annual terms, the minister continued. “But if the scale of the refinement is comparable to previous years (and according to our indirect estimates it will definitely not be less), then the final growth estimate could be around 4% year on year,” he suggested.

According to the minister, the growth of the Russian economy in 2023 was ensured primarily by high domestic demand, both consumer and investment. Thanks to the reorientation of export flows to new markets, high export volumes were maintained. Thus, the share of friendly countries in all exports in the second half of 2023 exceeded 80%.

Maxim Reshetnikov called the task for 2024 to maintain sustainable growth in citizens’ incomes, continue structural restructuring of the economy, and expand the supply of domestic goods and services.

Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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