PRESS: Economic Ministry sees Russia’s GDP falling 8.8% in 2022

MOSCOW, Apr 27 (PRIME) -- Russia’s gross domestic product (GDP) can fall by 8.8% in 2022, Vedomosti reported on Wednesday, citing the Economic Development Ministry’s economic outlook.

Positive dynamics of 1.3% can be reached in 2023, and GDP growth of 4.6% and 2.8%, respectively, is expected in 2024 and 2025, the authority added, as quoted by the newspaper.

A conservative scenario envisages a GDP decrease of 12.4% in 2022 and 1.1% in 2023.

Inflation is preliminarily projected at over 20% in 2022 and 6.2% in 2023. The target of 4% is to be reached in 2024.

The average oil price is expected at U.S. $82.6 per barrel in 2022, $75.2 per barrel in 2023, and $67.7 and $61.2 per barrel in 2024–2025.

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