Russia’s economy won’t shrink over 5pc, says adviser

Russia's economy will contract by no more than 5 per cent in 2022, presidential adviser Maxim Oreshkin said on Thursday, giving a much more optimistic forecast than the economy ministry.

The ministry said this week it expected gross domestic product (GDP) to contract by 7.8 per cent in 2022.

Previously, it had said the economy was on track to contract by more than 12 per cent, in what would be the biggest GDP drop since the aftermath of the fall of the Soviet Union.