OREANDA-NEWS The Russian economy will grow by one percent or slightly more by the end of 2023, while in 2024 it will exceed the pre-crisis level, Mikhail Sukhov, CEO of the Analytical Credit Rating Agency (ACRA), predicted in an interview with RIA Novosti.

In his opinion, the sources of Russia's GDP growth lie within the country, "basically it is the continuation of structural adjustment, in particular, the manufacturing industry."

Sukhov expects positive trends in the automotive market due to changes in investors, as well as the growth of trade and transport services. Additionally, the economy will be supported by a reduction in the savings rate. As a result, according to the baseline scenario, next year the GDP indicator will exceed the level of 2021, the head of ACRA expressed confidence.

Earlier, the head of the Ministry of Economic Development Maxim Reshetnikov predicted that in 2023 Russia's GDP growth could be slightly more than 1.2 percent. According to him, the reduction by 1.9 percent in annual terms was expected, but it turned out to be much lower than the estimates of economic departments.

On June 7, Russian President Vladimir Putin admitted that the country's GDP growth could grow by 1-2 percent this year. According to him, this can happen even despite the general slowdown in the global economy.