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GDP decline and inflation increase forecast in Russia in 2022

Rusia, pronóstico, PIB, baja, inflación, alza

GDP decline and inflation increase forecast in Russia in 2022

Moscow, Apr 21 (Prensa Latina) Analysts interviewed by the Central Bank of Russia (BCR) lowered their forecasts on the levels of Gross Domestic Product (GDP) and inflation in the country this year, according to the results of a survey revealed on Thursday.

Carried out this month by the financial regulator, the study showed that, compared to March, the average inflation forecast for 2022 increased two points to 22 percent; while it was reduced for 2023 by 0.4 percent, to 7.6 percent; and for 2024 it increased slightly by 0.2 points, to 5.0 percent.

Regarding the analysis of GDP this year, experts foresee a drop from 8 to 9.2 percent, while the growth forecast for 2023 is from 1.0 to 0 percent, and for 2024 it is an increase of 0.2 percentage points to reach 1.7 percent.

They also estimated that the interest rate will decrease by 4.4 points to 14.5 percent per year in 2022; 3.7 to 10.4 percent in 2023; and by 0.3 to 7.5 percent in 2024.

In the opinion of the majority, the dollar exchange rate will reach an average of 85 rubles in 2022, 90 in 2023 and 96 in 2024.

The Castellum.AI database pointed out that since the middle of February and, above all, after the beginning of the Russian special military operation in Ukraine, on Feb. 24, more than 6,800 restrictive measures have been activated against this country.

The United States, the United Kingdom, Canada, Australia, Japan and the countries of the European Union imposed new sanctions on Russia in the wake of the special military operation in Ukraine, targeting key sectors of trade, finance, energy, exports, aviation and space.

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