MOSCOW, December 6. /TASS/. Sberbank projects annual Russia’s GDP growth at 1.2% in each of 2024-2026, Vice President Taras Skvortsov said, adding that inflation will fall to 4% by 2025, while the key rate will total 8% in 2025.

"Overall our GDP dynamics forecast for the next three years is quite cautious. We project that growth will equal 1.2% per annum. Meanwhile, inflation will slow down and reach the Bank of Russia’s targeted level of 4% by 2025. The key rate will be going down subsequently as we target 8% for 2025," he said at an investor day.

Moreover, the banking sector will gain 10% per year within the next three years, according to Sber’s projections. The lender expects lending to be under pressure next year. However, in 2025 and 2026, considering a drop in the rate and a gradual easing of regulation by the Central Bank, retail and corporate lending is likely to speed up, Sber said. Customer deposits in banks will rise by around 10% in 2025-2026, Skvortsov noted.