RSPP President Alexander Shokhin forecasts Russia's GDP growth in 2022
2 September 2021 00:00:00

The Ministry of Economic Development has forecast that Russia’s GDP will grow by 3.2% in 2022, but RSPP head Alexander Shokhin told RIA Novosti at the Eastern Economic Forum that the real figure is likely to be 2.5%. Mr Shokhin was Minister of Economy of Russia in the mid-1990s.

"I am not concerned about 2021 GDP growth, whether it will eventually reach 3.8% or 3.6% - it’s clear that it will be somewhere between 3.5 to 4%. I am more concerned about 2022 GDP growth. I doubt it will reach 3%. It’s more likely to be 2.5%," said Shokhin.

According to a preliminary estimate by Rosstat published on 1 September, Russia's GDP growth in the first half of 2021 was 4.8% year-on-year. The economy grew by 10.3% in the second quarter following a 0.7% decline in the first quarter.

In July, the Ministry of Economic Development revised its estimate of Russia’s GDP growth in 2021: growth is now expected to be 3.8% instead of 2.9%. At the same time, Maxim Reshetnikov, head of the Ministry of Economic Development, said that the GDP forecast could be revised once statistics for July have been published. The ministry is expected to present a revised forecast in the near future.