Accounts Chamber: Russia to restructure economy within 1.5-2 years

Chairman of the Russian Accounts Chamber, Alexei Kudrin, has said that Russia will restructure the economy amid sanctions within one year and a half or two years.

“GDP is expected to decline during the reporting period. The Russian economy will revive at the end of this period. The country’s Ministry of Economy expects GDP to grow no earlier than 2024,” Kommersant quotes Kudrin as saying.

“The current year "will be difficult in terms of falling GDP". The next year "may be quite difficult". “It depends on the level of crisis situations. They are connected with interruption of the chains. The scale of these changes is still determined. Therefore, the restructuring of the economy, taking into account these new challenges and consequences, will take one year and a half or two years,” Kudrin told reporters.

The Ministry of Economy expects a decline in Russia's GDP in 2022 by 8.8 per cent. The economy is expected to revive in 2024.

Assistant to the President for Economic Affairs, Maxim Oreshkin, has assured that Russia's GDP will decrease by less than 5 per cent this year.

The World Bank predicted that Russia's GDP will decline by 11.2 per cent in 2022, while it is expected to grow by 0.6 per cent and 1.3 per cent in 2023 and 2024, respectively.