The Ministry of Economic Development has improved the forecast for economic development
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The Ministry of Economic Development of Russia predicts that the economic recession for the current year will be 2.9%, said the head of the department Maxim Reshetnikov. In the August forecast, a deeper decline in GDP of 4.2% was expected. The economy is expected to return to growth in 2024.
The inflation forecast has been lowered to 12.4% from 13.4% in August. The forecast for a decline in real money incomes of the population in 2022 has been improved to 2% from 2.8%. Unemployment is expected to be at 4.5% at the end of the year and will fall to 4.1% by 2025.
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