The Central Bank predicts Russia’s GDP growth by 1.5-2.5% in 2026
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The Bank of Russia predicts that the country’s GDP growth rate in 2026 will be 1.5-2.5%. This should from the published report on the results of the meeting of the Board of Directors of the regulator.
“Taking into account new data on the dynamics of economic activity, in the baseline scenario, the Bank of Russia predicts that the GDP growth rate will be 1.5-2.5% in 2023, 0.5-2.5% in 2024, 1.0-2% in 2025 and 1.5-2.5% in 2026,” the report says.
In May, Deputy Minister of Economic Development of the Russian Federation Dmitry Volvach said that by 2026 the country’s GDP growth could reach a stable 3% annually. He noted that this could happen due to the restoration of consumer demand, as well as the creation of “the most favorable investment environment.”
According to the July macroeconomic survey of the Central Bank, the inflation forecast for 2023 worsened from 5.5% to 5.7%. At the same time, the regulator’s analysts improved their GDP growth forecast for this year from 0.8% to 1.5%.
Today, the Board of Directors of the Central Bank raised the key rate by 1 percentage point at once, to 8.5%. The last time the Central Bank raised the rate to 20% in the crisis February 2022, and since September of the same year it has been at the level of 7.5% per annum.
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