The economy of the Russian Federation in quarterly dynamics will begin to grow in mid-2023, the head of the Central Bank Elvira Nabiullina has predicted. Previously, the same Central Bank predicted an economic recession in the range of 1-4%. The regulator changed the forecast taking into account the “continued restructuring of the Russian economy.”
The Russian economy in the global sense is expected to grow by mid-2023. In dynamics from quarter to quarter and in annual terms, it will start in a few months, Elvira Nabiullina, head of the Bank of Russia, told a press conference.
According to the expectations of the Central Bank, Russia’s GDP in 2023 will change from minus 1% to plus 1%, Nabiullina said. Earlier, the Bank of Russia forecast the decline of the economy in the range of 1-4%. The regulator changed the forecast taking into account the “continued restructuring of the Russian economy.”
At a meeting on Friday, February 10, the Central Bank of the Russian Federation decided to keep the reference rate at 7.5%. The regulator will make further rate decisions based on data on inflation dynamics. According to the Central Bank forecast, in 2023 inflation will be 5-7%.
Author:
Kirill Bilyk
Source: RB
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