The Russian Central Bank raises its growth forecast between 0.5-2% this year

The Central Bank of Russia raised its expectations for the growth dynamics of Russia’s GDP for the year 2023, expecting economic growth in the range of 0.5-2%.

A statement after the meeting of the Central Bank’s Board of Directors said that the forecasts for 2024-2025 remained unchanged. The Central Bank had forecast the dynamics of GDP in 2023 in a range of -1% to 1%.

The statement added: “Taking into account the new data on the dynamics of economic activity, the ongoing restructuring of the Russian economy, and according to the base scenario, the Bank of Russia expects that the GDP growth rate in 2023 will be 0.5-2% and 0.5-2.5% in 2024.”

This means that by the end of 2024 the Russian economy will reach the level of the end of 2021, and GDP will continue to grow at a rate of 1.5-2.5% per year in 2025.

On April 25, the aide to the Russian president, Maxim Areshkin, predicted GDP growth of 1-2% by the end of 2023.