Reshetnikov: in 2024, inflation in Russia will be at “quite high levels”
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Throughout 2024, inflation in Russia will remain at fairly high levels. This was announced by Minister of Economic Development Maxim Reshetnikov during a speech at the Federation Council.
“Our inflation in December to December is 7.5%, the average annual inflation for next year is 7.2%. December to December 2024 – 4.5%, we expect it to decrease, but nevertheless it will be at fairly visible levels throughout the next year,” he said (quote according to TASS).
In September, the Ministry of Economic Development increased inflation forecast in 2023 in Russia from 5.3% in the April version to 7.5%. For 2024, the forecast changed from 4% to 4.5%. Indicators for 2025 and 2026 remained the same – at the level of 4%. As the ministry explained, the increase in the inflation forecast for 2023 is due to the volatility of the ruble.
On September 22, during a government meeting, Reshetnikov said that Russian GDP growth in 2023 will be 2.8%, in 2024 – 2.3%. Going forward, the growth forecast is just over 2% per year. GDP in 2024 is expected to reach 180 trillion rubles, in 2025 – more than 190 trillion rubles, in 2026 – more than 202 trillion rubles. According to the minister, this is more than was included in the scenario, “an average of 9 trillion rubles. annually”.
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