Russia revises forecasts, GDP to fall more than 10% in 2022 – RIA cites official

2022.04.12 10:23

FILE PHOTO: Russian 100-rouble banknotes are placed on a cashier’s desk at a supermarket in the Siberian town of Tara in the Omsk region, Russia, December 14, 2021. Picture taken December 14, 2021. REUTERS/Alexey Malgavko

(Reuters) – Russian economy and finance ministries are working on new forecasts that would project a contraction of gross domestic product this year of more than 10%, Alexei Kudrin, head of the Audit Chamber, said on Tuesday, RIA news agency reported.

The Russian economy is expected to encounter double-digit economic contraction and inflation this year after Moscow sent tens of thousands of troops to Ukraine on Feb. 24 and the west imposed unprecedented financial and economic sanctions against Russia.

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