On the sidelines of the United Russia party congress, the head of the Russian Ministry of Economic Development, Maxim Reshetnikov, told Interfax that the authorities are now in a difficult situation: they are maneuvering between the risk of an economic slowdown and rising inflation.
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“Now it is a very difficult task: we have to walk between two problems: inflation and the risk of an economic slowdown,” he quotes Reshetnikov.
He also noted that in the current difficult situation and in the context of the current monetary policy, the increase in the key rate, etc., companies are “significantly reducing investment programs, adapting to current conditions.”
In his opinion, in November-December credit dynamics will slow down, which will have long-term consequences. But it is evident that companies will continue to be cautious, even due to the changes in the forecasts of the Ministry of Economic Development itself for 2025.
The department’s September forecast for next year assumed 2.5% growth in Russia’s GDP, but given current policy, those figures seem overly optimistic.
The Ministry of Finance also revised inflation forecasts. Its level already exceeds the expected 4.5%, so the figures will be different, after a proper analysis.
“We will definitely clarify them, because it is clear that we are now above the trajectory. We’ll probably do this closer to March-April. Along with a revaluation of the exchange rate and a revision of the forecast. In January we will receive statistics, we will see them and clarify them,” Interfax quotes.
Author:
Ekaterina Alipova
Source: RB
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