Kudrin: Russia will need two or three years to recover after two years of falling GDP

“We must take into account that part of this burden of reducing GDP will be transferred to the next year.

Thus, according to the forecast of the Ministry of Economic Development, in 2023 the economy may shrink by another 0.8%.

This is a realistic estimate.

However, there may be more complex scenarios, given possible restrictions on the sale of Russian oil or the introduction of a ceiling on prices for our energy products.

In general, after two years of falling GDP, we will need two or three years to recover and return to pre-crisis levels, if no new difficult events occur, ”Kudrin said.

He added that it is still difficult to make long-term forecasts.

Earlier, the head of the Bank of Russia, Elvira Nabiullina, said that the bottom point of the decline in Russia's GDP would be in mid-2023.