https://en.sputniknews.africa/20230826/russian-finance-minister-expects-economy-to-grow-25-in-2023-1061650557.html
Russian Finance Minister Expects Economy to Grow 2.5% in 2023
Russian Finance Minister Expects Economy to Grow 2.5% in 2023
Sputnik Africa
The Ministry of Economic Development forecasts Russia's GDP growth at 1.2% in 2023, while the Bank of Russia expects the country's economy to grow in the range... 26.08.2023, Sputnik Africa
2023-08-26T18:14+0200
2023-08-26T18:14+0200
2023-08-26T18:14+0200
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The Russian economy is expected to grow by about 2.5% this year on the back of the government's efforts to mitigate the impact of Western sanctions, Finance Minister Anton Siluanov said in an interview on Saturday. Inflation in Russia is on track to hit 6% by the end of 2023, Siluanov estimated, but the Russian government expects it to return to the 4% target next year. The Bank of Russia forecasts consumer prices ending 5-6.5% higher this year. By contrast, the unemployment rate has shrunk to its decade low of 3%, the minister said.Russian Government Wants Foreign Companies to Stay PutThe Russian Finance Ministry separately addressed the presence of foreign entities in the Russian market, noting that the government investment tracking body is interested in foreign companies continuing to do business in Russia, and the necessary conditions are being created for them to do so.The subcommittee will not force companies that decided to sell their businesses to lower the price, the ministry said.A number of foreign companies, including those from Europe, the United States and Japan, withdrew or downsized their presence in the Russian market in response to the start of the special military operation in Ukraine in February 2022. In July, the Russian government released a list of conditions for foreign companies willing to pull out of Russia.
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russia, economy, finance minister, international, economic growth, europe, sanctions, anti-russian sanctions, investment, ukraine, ukraine crisis
russia, economy, finance minister, international, economic growth, europe, sanctions, anti-russian sanctions, investment, ukraine, ukraine crisis
Russian Finance Minister Expects Economy to Grow 2.5% in 2023
The Ministry of Economic Development forecasts Russia's GDP growth at 1.2% in 2023, while the Bank of Russia expects the country's economy to grow in the range of 1.5-2.5% this year.
The Russian economy is expected to grow by about 2.5% this year on the back of the government's efforts to mitigate the impact of
Western sanctions, Finance Minister Anton Siluanov said in an interview on Saturday.
"We are making efforts to offset these consequences, the consequences of sanctions … They are bearing fruit. While the economy contracted 2.1% last year, we expect it to bounce back this year and grow 2.5% or even more," he told Chinese media.
Inflation in Russia is on track to hit 6% by the end of 2023, Siluanov estimated, but the
Russian government expects it to return to the 4% target next year.
The Bank of Russia forecasts consumer prices ending 5-6.5% higher this year. By contrast, the unemployment rate has shrunk to its decade low of 3%, the minister said.
Russian Government Wants Foreign Companies to Stay Put
The Russian Finance Ministry separately addressed the presence of foreign entities in the Russian market, noting that the government investment tracking body
is interested in foreign companies continuing to do business in Russia, and the necessary conditions are being created for them to do so.
"A subcommittee of the Government Commission on Monitoring Foreign Investment in Russia is interested in foreign companies continuing to operate in Russia. Companies that decide to stay are provided with the necessary conditions, including permission to pay dividends and repay intercompany debt," the ministry wrote on Telegram.
The subcommittee will not force companies that
decided to sell their businesses to lower the price, the ministry said.
"The valuation is made by an independent appraiser, not by the members of the commission. The price may change only if the commission finds that the market value of the foreign business is estimated incorrectly," the ministry added.
A number of foreign companies, including those from Europe, the United States and Japan, withdrew or downsized their presence in the Russian market in response to the start of the special military operation in Ukraine in February 2022. In July, the Russian government released a list of conditions for foreign companies willing to pull out of Russia.
