By Darya Korsunskaya (Reuters) - Russia has significantly raised its inflation forecast for the next two years and expects a much weaker rouble rate ...
SaltWire's Atlantic regional weather forecast for September 12, 2023 | SaltWire - Russia has significantly raised its inflation forecast for the next two years and expects a much weaker rouble rate against the U.S. dollar, according to macroeconomic forecasts prepared by the economy ministry, as the costs of fighting the war in Ukraine mount.
The economy ministry raised its 2023 inflation forecast to 7.5% from the 5.3% forecast published in April, and also raised its 2024 forecast to 4.5% from 4.0%, according to economy ministry documents, which have been submitted to government as a draft forecast. After the rouble breached 100 per U.S. dollar last month before strengthening, the economy ministry now forecasts a much weaker rouble.
While the rouble and inflation are clearly concerns, the economy ministry raised its headline growth forecasts for 2023 and 2024 but lowered them for 2025 and 2026, in line with analysts' expectations that Russia faces limited long-term growth prospects.
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