- It is noted that the GDP decline in 2022 will be smaller
According to TASS, Russia's state-owned news agency article published on November 8, 2022, the recovery of the national economy will last longer than expected earlier, the Bank of Russia says in the monetary policy report released on Tuesday.
"The cumulative effect of problems that were secondary in terms of importance during the initial adaptation period in 2022 may appear in 2023 in the process of the structural transformation of the economy. In particular, certain earlier concluded contracts supporting the business activity of companies in 2022 will end. Furthermore, the need to repair imported equipment, with high quality components to it produced by a limited number of suppliers only, can become more acute," the report reads.
The effect of sanctions delayed until late 2022 - early 2023 can become greater, the regulator added.
