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Search resuls for: "Economic Development Ministry"


3 mentions found


☆ Russia's economy faces 'near stagnation' with sanctions whittling down annual GDP growth, European economist says
  + stars: | 2024-10-02 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +5 min
Russia's economy is staring at "near stagnation," according to Anders Åslund. That's according to Anders Åslund, a Swedish economist who says Russia's economy is taking a bigger hit from Western sanctions than some believe. "My own view is that the current sanctions regime shaves off 2-3% of GDP each year, condemning Russia to near stagnation. AdvertisementRussia's GDP technically grew 3.6% last year, with another 3.2% real GDP growth expected in 2024, according to estimates from the International Monetary Fund. Consumer prices rose 8.5% year-per-year the week of September 17, according to official figures from Russia's Economic Development Ministry.
Persons: Anders Åslund, —, Putin, Åslund, SWIFT Organizations: Service, Ukraine, Syndicate, International Monetary Fund, Labor, Economic Development Ministry, Soviet Union, Wealth Fund Locations: Swedish, Moscow, Ukraine, Russia, Soviet
☆ The CEO of Russia's biggest bank says the ruble is 'unjustifiably undervalued,' but Putin has downplayed the ruble's weakness — and it shows even Russia's elite don't see eye to eye about the economy
  + stars: | 2023-09-14 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Sberbank CEO Herman Gref said the Russian currency should be trading at 80 to 85 rubles to the US dollar. Gref's comments came just as Putin sought to project an image of calm in the country's economy at an economic forum on Tuesday. Russia's economy has been deeply impacted by Western sanctions ever since it invaded Ukraine, even if there's some support from the Kremlin's wartime spending. The impact of the sanctions on Russia's economy and currency has fuelled inflation. Russian inflation accelerated 5.15% year-over-year in August, well above the central bank's 4% annual inflation target.
Persons: Herman Gref, Putin, Gref Organizations: Service, Kremlin Locations: Russian, Wall, Silicon, Ukraine
☆ More trouble for the Russian economy ahead: It just significantly raised its inflation forecast, despite Putin saying price hikes are hurting businesses
  + stars: | 2023-09-13 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Russia's economy ministry has raised the country's 2023 inflation forecast from 5.3% to 7.5%, per TASS. Russia's economy and the ruble's value have been hit by the war in Ukraine, driving up inflation. Russian President Putin said on Tuesday high inflation is making it "practically impossible" for businesses to make plans. Russian inflation accelerated 5.15% year-over-year in August, well above the central bank's 4% annual inflation target. Analysts polled by Reuters are largely expecting Russia's central bank to hike rates again later this week to support the ruble and tame inflation.
Persons: Putin, Vladimir Putin isn't Organizations: Service, TASS, Ukraine, Moscow, Eastern Economic, Reuters, Kremlin Locations: Ukraine, Wall, Silicon, Russian, Vladivostok
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