2023 Economic Outlook: Insights from Ministry of Economic Development Figures in Russia

The Russian Ministry of Economic Development has published updated forecasts for the performance of the national economy in 2023, and a spokesman for the ministry said that the current fall in the ruble was taken into account in the ministry’s forecast for the current year.

“Yes, we mean it (the fall of the ruble in the forecasts). I can note the fact that this weakness has not yet been transferred directly to prices, most likely, inflation will accelerate in the second half of the year,” a spokesman for the ministry said.

He added: “Inflation will reach its lowest level in the coming months, given the main impact last spring, when prices rose amid strong demand for commodities.”

Below are the forecasts of the Ministry of Economic Development for 2023:

GDP growth 1.2%.

An increase in real wages by more than 5%.

– The average exchange rate of the dollar will be 76.5 rubles.

– Inflation at 5.3%

Source: Prime

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