The Ministry of Economy estimated that inflation would be 17.5 percent at the end of the year.

Inflation in Russia will be 17.5% by the end of 2022. This was expressed by the representative of the Ministry of Economic Development, transmits DEA News”.

According to the representative of the Ministry of Economy, inflation in Russia will reach 17.5% in 2022, but in 2023 it will already fall to 6.1%. At the same time, the ministry has already presented to the government the main parameters of the development of Russia for 2023, with the planned periods for 2024 and 2025.

The ministry representative added that by the end of 2024, inflation should reach the target level of the Central Bank of Russia.

May 16 in the European Commission’s (EC) spring economic forecast reportedHe said that by the end of 2022 Russia’s GDP will fall by 10.4%. However, a slight increase will begin in 2023 and the situation will stabilize. By the end of next year, Russia’s GDP will grow by 1.5%.

Prior to that, Heli Simola, Senior Economist at the Bank of Finland Institute for Transition Economies (BOFIT), evaluated the impact of export and import sanctions on Russia’s GDP in the short run. According to him, sanctions restricting the import of goods to Russia can reduce the country’s GDP by 4-18% and restrictions on exports by 1-25%.

Source: Gazeta


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