ST. PETERSBURG, June 16. /TASS/. Russia has coped with inflation in the last year, which currently stands at 2.9%, Presidential Aide Maxim Oreshkin said at the St. Petersburg International Economic Forum (SPIEF) on Friday.

"Inflation is the main risk of high expenditures. The key task that we should set and perform is what to do for inflation not to rise as we have coped with inflation in the last year, with inflation currently standing at 2.9%," he said.

According to the official forecast for Russia’s socio-economic development, GDP growth in the country is expected at 1.2% in 2023 and at 2% in 2024. Inflation is projected at 5.3% this year.

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. 'Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations' is theme of this year’s forum. TASS is the official information partner of the event.

SPIEF’s expanded business program offers attendees the opportunity to participate in more than 140 sessions featuring over 1,000 moderators and speakers, according to event organizer Roscongress Foundation. In line with tradition, Russian President Vladimir Putin will address the plenary session of SPIEF later in the day.