The Ministry of Finance denied Bloomberg data on the forecast with a fall in Russia's GDP by 12%

The Ministry of Finance said that they were not engaged in macroeconomic forecasts and did not conclude that Russia's GDP would fall by 12% in 2022. This was previously reported by BLOOMBERG, noting

Bloomberg's data on the Ministry of Finance's expectation of a 12% fall in Russia's GDP this year is not true, according to a report from the Ministry of Finance received by RBC.

“The powers of the Ministry of Finance do not include the preparation of official macroeconomic forecasts,” the ministry explained.

The Ministry of Finance added that it expects "the negative consequences" of the sanctions imposed against RUSSIA due to the actions of the Central Bank and the government of the country.

Kudrin announced a decrease in Russia's GDP by more than 10% at the end of the year Economics

A day earlier, Bloomberg reported on the availability of a corresponding internal forecast of the Ministry of Finance, citing sources. One of the interlocutors of the agency noted that if this forecast comes true, then economic growth in the country in about ten years will be brought to naught.

The official forecast for the dynamics of Russia's GDP was given at the end of April by the Central Bank, the regulator estimated it at 8-10%, adding that the decline will continue next year, but then the figure will be 0-3%. According to the calculations of the Central Bank, the growth of the Russian economy will be possible only in two years, it can reach 2.5-3.5%. The Central Bank associated this trend with interruptions in production, a decrease in imports into the country and supply chain disruptions.

At the same time, the Central Bank predicted that consumer prices will rise by 18-23% by the end of this year, but by the end of next year inflation will slow down to 5-7%.

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At the same time, at the end of April, Vedomosti learned about the unofficial projections of the Ministry of Economic Development, the fall in Russia's GDP in them was close to the Central Bank's forecast - minus 8.8%. At the same time, the ministry expects GDP growth of 1.3% in 2023.

The HEAD of the Ministry of Finance of Ukraine estimated the fall in GDP due to the military operation Economics

It will take Russia ten years to overcome Western sanctions and restore the economy to the level of 2021, according to analysts at S&P Global Market Intelligence. The Ukrainian economy will need five years to recover, experts expect. According to their forecast, Russian GDP will shrink by 11.1% this year and 1.9% next year. In 2024, the Russian economy is waiting for GDP growth of 1.6%, S&P concluded.

A similar forecast for Russia's GDP (a reduction of 11.2%) is adhered to by the World Bank. The organization's experts noted an "unprecedentedly high" degree of uncertainty regarding forecasts of Russian GDP dynamics. They explained this by the course of hostilities in Ukraine and the reaction of the world community to what is happening. The World Bank called the consequences of the already imposed sanctions severe, adding that they would lead to the fall of the Russian economy, largely due to a reduction in domestic demand.

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