Oreshkin announced the achievement of balance in the economy
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The situation with unemployment and inflation in Russia speaks of achieving a balance in the economy. This was announced by presidential aide Maxim Oreshkin in the fields SPIEF.
“If we talk about structural changes in the economy, everyone is right here. If there had not been large-scale support in April, May, June last year, the situation would have been much worse. If there were no loan guarantees, budget injections, Central Bank support mechanisms, it would be more difficult for businesses to cope. If we look at current unemployment, current inflation, we have achieved this balance,” he said. Broadcast was conducted on the forum site.
On June 13, Russian President Vladimir Putin announced that inflation in Russia by the end of 2023 will will be about 5%, which is a normal level for the country’s economy. At the end of May, annual inflation accelerated up to 2.51%.
The unemployment rate has updated a historical low in April – 3.3%. In early June, Russian Deputy Prime Minister Tatyana Golikova reported that the number of unemployed registered in employment centers decreased from the beginning of the year by 41,000 people to 523,000 people.
At the end of April, the Bank of Russia improved the forecast for inflation and the rate of recovery of the Russian economy in 2023. According to the Central Bank, inflation in 2023 will be 4.5-6.5%, and will return to the target of 4% already in 2024. Regulator expects Russia’s GDP to grow by 0.5-2% at the end of the year, although back in February he predicted a decline.
The Board of Directors of the Central Bank at a meeting on June 9 for the sixth time in a row left the key rate at 7.5% per annum. It has been at this value since September 2022. But the regulator’s hawkish signal, like wrote Vedomosti has become tougher: the Central Bank “allows” the rate increase at the next meetings.
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