MOSCOW (Reuters) – Russia’s economy is set to grow by 2.5% or more in 2023, while inflation is expected to be around 6%, Finance Minister Anton Siluanov was quoted on Saturday as saying.
The economy ministry in April revised higher its 2023 GDP forecast to growth of 1.2% from a contraction of 0.8%, although it is expected to revise this again soon. The central bank forecasts GDP growth of 1.5%-2.5% this year.
“If, last year, the economy shrank by 2.1%, then this year we expect it to recover by about 2.5%, maybe even more,” state news agencies quoted Siluanov as saying in an interview with the CGTV channel.
He forecast inflation would return to the target of 4% in 2024. The central bank has forecast it will fall to 5.0%-6.5% this year.
“We together with the Central Bank will be taking all measures to bring inflation down to our targeted level,” Siluanov said.
(Reporting by Ksenia Orlova; Editing by Mark Trevelyan)