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The Ministry of Economic Development in the medium-term forecast of social and economic development of the country has improved the assessment of the fall in GDP due to the gradual recovery of the economy, but the situation is still far from complete stabilization. This was stated on Wednesday, September 16, by the Head of the Ministry of Economic Development Maxim Reshetnikov in an interview with the TV channel "Russia 24".
The forecast is based on an -3.9% estimate of GDP, the Minister recalled. "And this is less than the estimate that was in June — minus 4.8%. That is we have improved [the estimate] by almost a percentage point," he explained, "and, of course, we directly link this to the economic recovery process, which is going faster than expected, on the one hand."
"On the other hand, we are also far from being overly optimistic here, because we see that the pace is intermittent. And, let's say, the indicators that just recently came out for industrial production, in August were slightly lower than the estimate," Maxim Reshetnikov stated. "We understand that a number of industries have recovered in July, there was such a powerful "rebound", as they say. But in August, economic activity in some sectors declined, because large reserves were accumulated during the crisis," he said. - Many produced to stock, there was a deferred demand, sales growth. We see that in a number of positions it did not retain them and there was a slight decline."
"Therefore, the recovery process is going on, and I would like to stress again that it is going better than expected, but at the same time, the situation is far from being stable, everything is calm, and we can relax. But, I have to say, the recovery is directly related to the programs that were implemented by the Government of the Russian Federation, the Central Bank on behalf of the President," the Head of the Ministry of Economic Development concluded.