Anton Siluanov, who leads Russia’s Ministry of Finance, voiced an optimistic forecast that the national economy could expand by about 2.5 percent this year or even higher. This assessment was reported by CGTN. The message suggests policymakers are confident in the momentum generated by recent reforms and stabilization efforts, even amid global headwinds.
Siluanov noted that the 2023 data point to inflation easing toward a 6 percent pace, with expectations that the Central Bank of Russia will guide it down toward the 4 percent target in 2024. The statement reflects a planning framework that hinges on disciplined macroeconomic management, with inflation and growth seen as intertwined objectives for the authorities.
He acknowledged that the economy contracted by roughly 2.1 percent in the prior year, but laid out a forecast for a rebound in the current year that could reach 2.5 percent or beyond. The emphasis was on resilience and the ability of the economy to recover from the recent setback through policy support and steady domestic demand, supported by cautious but purposeful adjustments in financial conditions.
According to Siluanov, coming improvements in growth will hinge on the effectiveness of ongoing reforms, stronger productivity, and a favorable external environment. He stressed that the government will continue to monitor the situation closely and adjust fiscal measures as needed to sustain the recovery path.
In parallel, the Central Bank of Russia outlined monetary policy moves designed to anchor inflation at the anticipated level. The central bank and the ministry are expected to coordinate actions to keep price increases in check while supporting sustainable growth. This cooperation aims to secure a stable macroeconomic backdrop that can sustain investment and household purchasing power over the medium term.
Earlier, the Central Bank announced a new average maximum deposit rate for large banks. The regulator reported that from August 1 to August 10 the rate stood at 8.15 percent, a component of the broader policy stance intended to balance savers’ returns with lending incentives. Such rate thresholds are watched closely by lenders, businesses, and households seeking to understand the trajectory of financing costs in a shifting rate environment.
Previously, the bank had implemented a more aggressive move by raising the key rate to 12 percent in an unscheduled meeting. The decision underscored the authorities’ willingness to act decisively to curb inflation pressures, while weighing the potential effects on credit conditions and economic growth. Market participants often interpret such episodes as signals about the central bank’s tolerance for inflation relative to growth, and they adjust their expectations accordingly. The overall narrative remains one of balancing inflation containment with the goal of enabling a steady economic expansion, aided by prudent fiscal management and a responsive monetary stance.