Russia’s economy will shrink by no more than 5% in 2022 -Kremlin aide

Russia’s economy will shrink by no more than 5% in 2022 -Kremlin aide

© Reuters. FILE PHOTO: A general view of city skyline and skyscrapers under construction during sunset as the spread of the coronavirus disease (COVID-19) continues in Moscow, Russia May 16, 2020. REUTERS/Maxim Shemetov

(Reuters) – Russia’s economy will contract by no more than 5% in 2022, presidential adviser Maxim Oreshkin said on Thursday, giving a much more optimistic forecast than the economy ministry.

The ministry said this week it expected gross domestic product (GDP) to contract by 7.8% in 2022. Previously, it had said the economy was on track to contract by more than 12%, in what would be the biggest GDP drop since the aftermath of the fall of the Soviet Union.

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