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Russia says economy to contract by less than 3 pct in 2022: Deputy PM Andrei Belousov

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Russia’s economy will contract by less than 3 percent this year, First Deputy Prime Minister Andrei Belousov said on Monday, as a strong jobs market helps cushion the economy from the fallout from what Moscow calls a “special military operation” in Ukraine.

Belousov said Russia’s gross domestic produce would fall by “a little more than 2 percent” this year. That will be followed by a decline of “no more than 1 percent” in 2023, Belousov predicted.

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Some economists were predicting a 15 percent collapse in GDP this year in the face of Western sanctions imposed because of the Ukraine crisis and designed to cripple the Russian economy.

Read more: Zelenskyy accuses Russia of ‘economic terrorism’ as Europe faces winter gas crunch

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