This year, Russia’s GDP growth rate will be zero and the central bank is likely to keep the key rate at 7.5% per year. This forecast was given by the head of Sberbank German Gref.

German Gref forecast inflation at the level of 5-6% in 2023

According to him, this year inflation will be 5-6%, that level will support wage increases and the reduction of unemployment. According to Deputy Prime Minister Tatyana Golikova, in 2022 the number of unemployed in the Russian Federation decreased by almost 30%.

“The GDP growth rate, according to our expectations, will be close to zero this year. Inflation, according to our estimates, will be in the range of 5-6% due to wage growth amid low unemployment, a recovery in demand, as well as a weakening of the national currency,” Gref said during a conference. telephone service for analysts and investors, was quoted by Vedomosti.

He added that the Central Bank, most likely, will not lower the key rate, so as not to cause inflation. The return of the rate to the previous level will occur gradually, says Gref. It is planned to return to the neutral range from 2025.

In February, the Bank of Russia maintained its reference rate at 7.5% per annum for the third time. Prior to this, the Central Bank lowered it six times in a row.

According to Gref, by the end of 2023 corporate loans in the banking sector will grow by 12%. Loans to individuals will grow by roughly the same amount, 11-13%. In addition, the growth of deposits is expected at the level of 18-20%. Private funds can grow by 9%.


Natalia Gormaleva

Source: RB

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