Nabiullina announced the return of the Russian economy to the level of 2021

The Russian economy grew by 5.6% in 2021, but decreased by 2.1% in 2022. Nabiullina said that economic activity is already close to the level of the end of 2021 Elvira Nabiullina

The Russian economy is close to returning to the level of economic activity of the end of 2021, Elvira Nabiullina, head of the Bank of Russia, said at the congress of financial education volunteers.

“Now our economy is already very close to returning to the level of economic activity that it was at the end of 2021. We say: “Recover to your potential,” she said ( quoted by TASS ).

As the head of the Central Bank clarified, at present the regulator can devote more time not to prompt response to challenges, but to its long-term priorities. One of these priorities is the financial education of citizens, Nabiullina added.

The Russian economy in 2021 grew by 5.6%, but already next year, according to Rosstat, it decreased by 2.1% to 151.4 trillion rubles. This was due to both the consequences of the COVID-19 pandemic and Western sanctions due to the start of a special operation in Ukraine .

In early June, the World Bank (WB) left unchanged the April forecast for Russia's GDP dynamics. He expects that this year the indicator will decrease by 0.2%, in 2024 it will grow by 1.2%, in 2025 - by 0.8%. At the same time, back in January, the World Bank predicted a decline in the Russian economy in 2023 by 3.3%.

The European Commission this spring also improved the forecast for Russia's GDP dynamics. In the fall of 2022, experts expected that the decline in the Russian economy by the end of 2023 would be 3.2%. Now the EC predicts that the final figure will be at the level of 0.9%.

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In February, the Bank of Russia predicted GDP growth from minus 1% to plus 1% under the baseline scenario. In May, the regulator confirmed its forecast. The Ministry of Economic Development of Russia in April predicted real GDP growth this year by 1.2%. Putin said back in December last year that Western countries wanted to “crush” the Russian economy with the help of unprecedented sanctions, but their calculations did not materialize.