GDP is now expected to contract 2.9% in 2022, versus 4.2% projected earlier The decline in Russia’s GDP is expected to be much lower than previously thought, the country’s Economy Minister Maxim Reshetnikov said on Wednesday. In an improved outlook, the ministry now sees the economy contracting by 2.9% this year and by 0.8% in 2023. In August, the ministry projected a GDP decline of 4.2% in 2022, and 2.7% in 2023. According to Reshetnikov, the economy is expected to expand by 2.6% in 2024-2025 due to robust domestic consumer and investment demand after falling this year and next, due to Western sanctions. The min
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