Russia’s GDP will surpass pre-COVID growth rates in 2022

TASS Russian News Agency | Jan 15, 2021 at 2:04 PM

MOSCOW, January 15. /TASS/. The growth rate of Russia's GDP in 2022 may exceed the indicator of 2019, said Anatoly Aksakov, head of the State Duma's financial market committee in an interview with TASS on the sidelines of the Gaidar Forum. The State Duma is the lower house of the Russian parliament.

"This year we win back the decline. I think that by the end of the year we will win it back. Accordingly, GDP growth should be about 4% this year. In 2022, I hope, a progressive advance will begin against the level of 2019," he said.

According to the lawmaker, although the Russian economy suffered from the pandemic, the decline was lower than in Europe, the U.S. and other countries. Speaking about the expected ruble exchange rate, Aksakov noted that the Russian currency is now undervalued, and with an oil price of $60, the ruble could approach the rate of 65 rubles per dollar and 70-71 rubles per euro.

"Very recently, oil cost about $40 per barrel, now its cost is $55 per barrel. With an oil price of $60, the ruble may approach the values it was before the pandemic - 65 rubles per dollar. Respectively, the euro will be at the level of 70-71 rubles," he said.

Akskov noted, the ruble exchange rate largely depends on the situation with the pandemic and the policy of the new US administration.

"Let's see how the new US administration will behave. If it is more prudent in terms of relations with our country, including in terms of sanctions decisions, the ruble will begin to win back its undervaluation," he said.

The Gaidar Forum in an annual international research and practical conference in the economic field that has been held since 2010. It brings together renowned experts, government representatives, public and political figures, and business leaders from different countries. The event is traditionally co-organized by the Russian Presidential Academy of National Economy and Public Administration, the Gaidar Institute for Economic Policy, and the Association of Innovative Regions of Russia (AIRR). TASS is a general information partner of the forum.