Russia’s official economic forecast: degradation
Hello! Welcome to your weekly guide to the Russian economy, written by Alexandra Prokopenko and Alexander Kolyandr and brought to you by The Bell. Russia’s economic authorities this week have finally started saying what has been obvious for many months — the economy is facing its toughest time since the start of the Ukraine war.
Colliding with reality
In its latest official economic forecast, Russia’s government has acknowledged the bleak reality for the first time — the prospect of at least two years of economic stagnation amid high interest rates, a strong ruble and cheap oil. Until now, official forecasts had been a lullaby and a source of optimism.
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