“The Ministry of Economy is now working on updating the macro forecast, which will form the basis of the budget for 2024-2026. We see that several indicators look more optimistic than originally projected,” the official told TASS news agency. The forecast of annual consumer prices is still at 5.3 percent, and the real income of the population is in the positive zone,” the Minister said.

According to the latest prediction on Russia’s socio-economic development, national GDP is expected to grow 1.2 percent in 2023 and reach 2.0 percent by 2024.

Earlier, the International Monetary Fund adjusted its forecast for Russia’s GDP growth in 2023 upwards, raising it up to 1.5 percent from its previous forecasts.

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