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Russia’s economy will contract by 2.5% in 2022: Putin

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Russia's economy will contract by 2.5% in 2022: Putin

The President of Russia, Vladimir Putinsaid on Tuesday that the country’s economy probably contracted by 2.5% in 2022, but that it is performing better than most experts had predicted.

In a meeting with top officials, including the Finance Minister and the head of the Central Bank, Putin said that it is necessary to stimulate the growth of real wages.

“The actual dynamics have turned out to be better than the forecasts of many experts. According to the Ministry of Economic Development, the GDP of Russia in January-November 2022 it decreased, but only by 2.1%,” Putin said.

Some experts from our country, not to mention foreigners, predicted a decline of 10% and 15% or even 20%. For the whole of the year, a drop of 2.5% is expected,” he added.

The ukrainian war and the ensuing barrage of Western sanctions have turned parts of the Russian economy upside down, isolating its biggest banks from the financial web. SWIFTcurbing their access to technology and restricting their ability to export oil and gas.

Although the government and central bank have acknowledged the difficulties, Moscow says its economy is resilient and sanctions have turned against the West as inflation and energy prices rise.

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