Fitch Raises Russia’s GDP Growth Forecast to 4.3%

The Fitch rating agency estimates the expected growth of the Russian economy in 2021 at 4.3%, which is 0.6 pp higher than the June forecast, TASS reports from the Russia Sovereign Credit Outlook presentation. Growth forecasts for 2022 and 2023 remained unchanged at 2.7% and 2.2%, respectively.

Inflation by the end of the year, according to Fitch, was 6%, and in 2022 and 2023 it will drop to 4.2% and 4%, respectively. Analysts predict the average dollar rate until 2023 in the range from 72 to 73 rubles.

As a reminder, Fitch in July affirmed Russia’s long-term foreign currency credit rating at investment grade BBB with a stable outlook. Analysts noted that Russia has the lowest level of public debt among the countries of its group. Russian Finance Minister Anton Siluanov said that the ministry positively assesses the agency’s decision.

According to the forecast presented in the explanatory note to the budget of the Russian Federation until 2024, the country’s GDP this year will grow by 4.2%, in 2022-2024 – by 3%. Expected inflation by the end of this year will be 5.8%, in the next three – 4%.

More details about the approved draft budget – in the material “Kommersant” “Blooming nesting”.

Leave a Reply

Your email address will not be published. Required fields are marked *