The Central Bank forecasts Russia's GDP growth this year by 4-4. 5%

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AK&M 23 July 2021 15:28

The Central Bank forecasts GDP growth of the Russian Federation this year by 4-4. 5%. In 2022-2023, the economy will grow by 2-3% annually. This is stated in the message of the Bank of Russia following the meeting of the Board of Directors, which decided to raise the key rate by 100 basis points to 6.5% per annum.

The regulator notes that in the second quarter of 2021, the Russian economy reached its pre-crisis level. Operational indicators indicate a steady growth in consumer and investment demand. Consumer activity exceeded pre-pandemic levels. Despite the partial tightening of restrictive measures, the active recovery of the public services sector continues.

At the same time, inflationary pressure from the labor market is increasing. The demand for labor is growing in a wide range of industries. In some sectors, there is a shortage of it, including due to the continuing restrictions on the influx of foreign labor, the Central Bank emphasizes.

The Russian economy is also supported by the growth of external demand. At the same time, supply-side constraints in the global economy have increased. Under these conditions, prices on the world commodity markets remain near multi-year highs, despite the downward correction in June—July.