The Ministry of Finance of the Russian Federation denied the report of Bloomberg about the fall in GDP by 12% in 2022

The press service of the department said that the published information "does not correspond to reality".

“Information about a possible fall in Russia’s GDP by the end of 2022 to 12 percent, published by Bloomberg, is not true”, - the press service of the Ministry of Finance said (quote from RIA Novosti).

The department recalled that the preparation of official macroeconomic forecasts is not within the competence of the Ministry of Finance.

“The department expects that the measures taken by the government and the Bank of Russia will largely stop the negative consequences of the sanctions and ensure the stable development of the economy”, - the agency said in a release.

At the end of April, the Central Bank predicted a fall in Russia's GDP by 8-10% in 2022. A downward trend is also expected in 2023 - from -3% to 0. A return to economic growth is expected in 2024 - 2.5-3.5%. According to the Ministry of Economic Development, a decline of 8.8% is expected this year, or in the case of a more conservative scenario, by 12.4%.

According to anonymous Bloomberg sources , the internal forecasts of the Ministry of Finance are set at around 12%. This would offset growth in 10 years. At the same time, it is noted that the IMF expects a decline of 8.5%, while economists polled by the publication expect an average decline of 10.3%.