Prospects for the Russian economy in 2022

Subject

Prospects for the Russian economy in 2022.

Significance

Russia's Ministry of Economic development is forecasting GDP growth of 3.0% in 2022 after an estimated 4.2% this year. The strength of the economic rebound is mostly attributable to the low base of 2020 and a recovery in global demand for commodities, which boosted the profits of large Russian exporters and supported government revenues. In the absence of substantial structural reforms, growth will decelerate in 2022 and remain in the 2-3% range for the foreseeable future.