Page 40 - RusRPTDec23

3.1 Macroeconomic overview
Russian war-oriented economy is 'at risk of overheating'. Due to rising demand, partially caused by large increases in military spending and ongoing pressure of a shrinking labor market, the Russian economy is "likely at risk of overheating," the UK Defence Ministry wrote on November 6.
3.2 Macro outlook
Russia's gross domestic product (GDP) will rise by 2.8–3.0% in 2023,
President Vladimir Putin said on November 3. "Our GDP growth this year will amount to 2.8%, or even 3%, while the leading economies of Europe will have a minus, a small one, but still a minus. They are suffering, real problems are arising. We are not happy about it, we are just stating the fact," the president said. The president also said that the Russian government had not changed its plans and would fulfill the social and infrastructural tasks, support the industry and security.
40 RUSSIA Country Report December 2023 www.intellinews.com