Reshetnikov announced that the Russian economy has survived several waves of sanctions

At the opening of the Russian-Myanmar Business Forum, the Minister of Economy of RUSSIA said that the expectations of foreign experts about the fall of the economy did not come true,it has already withstood several waves of sanctionsMaxim ReshetnikovMaxim ReshetnikovMaxim Reshetnikov

The Russian economy has been able to withstand waves of unilateral sanctions, Economic Development Minister Maxim Reshetnikov said at the opening of the Russian-Myanmar Business Forum, TASS reports.

“The Russian economy has managed to withstand several waves of unilateral sanctions. While many foreign experts expected the Russian economy to fall from 8% to 10%, we expect Russia's GDP to contract by just 2.9% by the end of 2022,” the minister said.

He noted that inflation in Russia is slowing down and its annual level now stands at 12%. Maintaining business activity and further developing an open economy and free enterprise is a key priority, and to do this, the government creates opportunities for companies to redesign logistics and find new partners.

The minister also explained that the ruble exchange rate now reflects the real demand for the currency in the context of de-dollarization.

“The exchange rate now reflects the real current situation of currency supply and demand, issues of de-dollarization, issues of the same imports, issues of market expectations. If you ask exporters, they will say that, of course, you need a weaker one and it is comfortable; if you ask importers and consumers, they will say no, it can be stronger. But in any case, the economy will adapt to this course,” he said.

Reshetnikov spoke about the role of the state as an "investor of last resort" Economics

On November 3, in a report to President Vladimir Putin at a meeting with members of the government, Reshetnikov said that the condition for structural restructuring of the economy and its further growth is an increase in investment, but now there are a number of conditions that suppress investment activity.

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The minister singled out three main obstacles to the growth of capital investments. This is a decrease in demand for investment in export-oriented industries, a reduction in the own funds of enterprises, and an increase in uncertainty, which leads to the unwillingness of businesses to take on long-term risks.