How will the Russian economy perform in 2022?

The Russian Ministry of Economic Development expects Russia’s GDP to grow by 2.8% in 2022, after a remarkable growth recorded by the Russian economy in 2021.

The ministry’s expectations for the growth of the Russian economy by 2.8% this year came within the ministry’s review of the performance of the Russian economy for the period 2022-2024, according to “Vedomosti” newspaper, citing Russian government officials.

Last September, the ministry expected the Russian economy to grow by 3% in 2022. According to the Russian Ministry, the adjustment of expectations from 3% to 2.8% came in light of the Russian economy recording in 2021 growth higher than expected.

One of the officials indicated that the new expectations were discussed at a government meeting with Russian President Putin on February 17, which was devoted to discussing economic issues.

The Russian Statistics Agency, “Rostat”, said that preliminary estimates indicate that the growth of Russia’s gross domestic product in 2021 amounted to 4.7%, exceeding expectations, as it was expected to grow by 4.4% – 4.5%.

Thus, in 2021, the Russian economy showed the largest growth since 2008. The Russian authority linked the growth of the Russian economy in 2021 to the recovery of economic activity after easing the restrictions of the Corona virus pandemic.


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