GDP is expected to shrink for the first time in more than a year
Russia's President Vladimir Putin attends a parade marking Navy Day in Saint Petersburg, Russia, July 31 2022. Picture: MAXIM SHEMETOV/REUTERS
“The economy will shed four years of growth, returning to its 2018 size in the second quarter. We expect the contraction to slow into the fourth quarter with looser monetary policy supporting demand. Still the economy will lose another 2% in 2023 as the European energy ban will depress export,” said Alexander Isakov, a Russian economist.
The Bank of Russia acted to contain the upheaval in markets and the rouble with capital controls and steep hikes to interest rates. Enough calm has returned to roll back many of those measures. On Friday, the central bank will present its policy outlook for the next three years, with a briefing by deputy governor Alexey Zabotkin.
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