The Central Bank of Russia, in a report published today, Friday, has identified a scenario in which economic growth in Russia is possible in early 2023.
“Thanks to new economic partnerships and relationships under the Rapid Adaptation Scenario, the Russian economy could grow as early as 2023. The rapid saturation of markets with new and familiar goods through the mechanism of parallel imports will make it possible to bypass the restrictions that affect supply,” the Central Bank of Russia said.
The central bank believes that if this scenario is implemented, annual inflation will return to a level close to the target level of 4% by the end of the year, and by the end of the year there will be more flexible monetary policy compared to the baseline scenario, then annual inflation will be at 4% level in 2024-2025 and the annual base interest rate will be in the range of 5% – 6%.
In addition, such a scenario states that, despite the increase in interest rates by the world’s largest central banks, a large-scale economic recession in the world will be avoided.
Source: Prime