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Economic overheating to start declining in 2H 2024 — Bank of Russia

The Central Bank said earlier that the first signs of certain economic slowdown in Russia appeared in June-July 2024

MOSCOW, August 29. /TASS/. Economic overheating in Russia will start declining in the second half of 2024, the Central Bank projects.

"According to the forecast of the Bank of Russia, the Russian economy will grow by 3.5-4% in 2024. Starting the second half of 2024, economic overheating will start contracting gradually. This will be facilitated by the monetary policy pursued. In 2027, the Russian economy will return to the trajectory of balanced growth of 1.5-2.5%. The growth rates of consumer and investment demand will become more moderate in coming years," the regulator said.

The Central Bank said earlier that the first signs of certain economic slowdown in Russia appeared in June-July 2024, though its overheating did not subside in the second quarter.

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