Official says Russian GDP decrease not to exceed 5% in 2022

MOSCOW, May 19 (PRIME) -- The decline of the Russian gross domestic product (GDP) will not exceed 5% in 2022, and the economy will pass the lowest point until October, presidential aide Maxim Oreshkin said on Thursday.

Inflation will not accelerate beyond 15% in 2022, and the coming several weeks may see the start of deflation, he said. "In general, there were many negative forecasts for inflation, 20%, 25%... We can say confidently by now that inflation in our country will not exceed 15% at the end of 2022," Oreshkin said.

He also said that the current exchange rate of the ruble is conditioned by the market, rather than any external interventions.

Oreshkin said that the Russian economy will be technologically and economically sovereign after the crisis. "This does not mean that we will be trying to do everything on our own. As I said, we will have an open economy but all the key technologies, the advanced technologies must be produced in Russia in partnership with the other states," he said.

He also said that a worldwide hunger will start by the end of 2022, and it is important for Russia to not fall its victim. The wheat price growth was caused by the irresponsible monetary policy of the U.S., he said, adding that the U.S. is trying to take the grain produced in Ukraine, which also contributes to the global danger.

Russia has started to prepare for a global hunger in 2021, and the sowing campaign 2022, as well as the food and fertilizer export limits make the authorities confident in hunger prevention, Novak said.

He separately announced a presidential meeting to discuss an increase of social payments next week.

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