The Russian economy will shrink year-on-year until mid-2023, and from the middle of next year and in 2024 it will grow at a recovery pace, according to the central bank's report on monetary policy.
"In general, by the end of 2022, according to the forecast of the Bank of Russia, GDP will contract by 4-6 per cent, which is somewhat better than the April estimates (8-10 per cent). In annualized terms, the reduction will continue until mid-2023, therefore, by the end of 2023, a decline in the range of 1-4 per cent is predicted," the regulator said.
However, the economy will move into a recovery phase, the central bank expects.
"Starting from mid-2023 and in 2024, the economy will grow at a recovery pace, somewhat less than estimated in April (1.5-2.5 per cent instead of 2.5-3.5 per cent)," the Bank of Russia said.
Source: ANI / Sputnik