UN, January 14. /TASS/. Russian GDP is expected to grow by 2.7% in 2022, the UN said in its World Economic Situation Prospects report.
"Economic growth is likely to moderate from the estimated 4.2 per cent in 2021 to 2.7 per cent in 2022 as the Government moves towards fiscal consolidation," the report says.
"In the Russian Federation, the main impetus for growth came from the rebound in household spending, boosted by one-off social payments and wage growth due to tight labor market conditions. Investment activity also picked up," according to the report. "The Government launched multiple stimulus packages in 2020-2021, including tax deferrals and guarantees, equivalent to about 6 per cent of 2020 GDP. Despite higher export revenues, protection of reserve buffers against possible external shocks remains a priority," the UN noted.
Inflation of consumer prices is expected to be 3.2% in each of 2022 and 2023, UN experts said.
"In the Russian Federation, the Central Bank announced plans to curb lending growth in late 2021; a tight monetary policy is expected to continue in 2022 amid concerns about high inflationary expectations," the report said.