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The Russian economy will stabilize by 2023 as it adjusts to the severing of ties with the West. At the same time, GDP growth is low. It is reported by “Primorskaya Gazeta” with reference to “News“.
As analysts noted in the economic forecast of the commission (EC), the US Security Fund may become ruble. However, the discussion about the need for this step is still ongoing.
— In 2023, the (Russian) economy will stabilize as it adjusts to the severing of ties with the West. However, real GDP growth is expected to be low, reaching 1.5%, as the continued import substitution due to the withdrawal from foreign companies depends on efficiency – the authors of the forecast approaching that in 2022 GDP will decline by 10.4% are overestimated. At the same time, inflation will exceed 20% due to lack of supply and rising import prices, and will decrease to 10% in 2023 due to changes in consumer behavior.
Earlier (May 12), the head of the Ministry of Economic Development, Maxim Reshetnikov, at a meeting on economic issues, said that the Russian economy had suffered, and the situation in the foreign exchange and financial markets had stabilized. Reportedly, there was no sharp decline in production and a significant increase in its growth.
The minister stressed that Russia is avoiding a shortage of goods, and the wave of rush demand for goods has subsided. He noted that in recent weeks there has been a significant slowdown in growth.
At the same president of the Russian meeting, Vladimir Putin said that the exchange rate of the Russian ruble is strengthening. Weekly price growth slowed to 0.1%, which is close to the weekly growth rate of the Bank of Russia’s target on the terms.
In addition, on Thursday, Bloomberg named the Russian ruble the best currency in the world in 2022. He noted that the Russian Federation introduces control over the movement of capital, obliged exporters to sell foreign currency, cargo from unfriendly countries to pay for Russian gas in rubles.
On May 11, Russian Foreign Minister Sergei Lavrov said that the country has a complete understanding of how to continue to live in the face of large-scale Western surveillance. He said that Moscow would be sold only to himself and free partners. In addition, the minister noted that there are enough buyers of energy resources in the Russian Federation, work will be delayed with the closure.