Russia's economic outlook has worsened as a Central Bank survey on Thursday showed a deeper contraction than previously expected and inflation soaring to 22% this year.

While President Vladimir Putin insists the economy has managed to weather the barrage of unprecedented sanctions imposed since he sent troops to Ukraine on February 24, economists believe that the worst impact of the sanctions is still to come.

Speaking in parliament on Thursday, Central Bank Governor Elvira Nabiullina warned of "difficulties" and the "structural transformation" of the Russian economy due to debilitating sanctions.

"Difficulties are appearing across all sectors, in both big and small companies," she said.

Nabiullina said the transformation of the economy, which has relied heavily on imports of manufacturing equipment and consumer goods, had begun.

"Due to sanctions, Russian consumers and manufacturers are losing access to markets for the import and export of finished products and components," she said.

"Problems may arise even when production has a high degree of localization when there is a sufficiently high degree of import substitution," she said.

In the latest survey taken by the Bank of Russia on April 13-19, economists forecast an economic contraction of 9.2% this year while inflation is now expected to accelerate to 22%.

In a previous poll in March, economists had expected the gross domestic product to fall by 8% this year and for the annual inflation rate to reach 20%.

In their latest assessment, the economists also trimmed their growth outlook for next year to zero from 1% previously.

According to the survey, unemployment will grow to 6.9% at the end of the year from 4.3% in late 2021.

The ruble, which has recovered after plunging to an unprecedented level of 150 to the dollar following the sanctions, is expected to trade at 85 rubles this year, 90 rubles in 2023, and 96 rubles in 2024.

It was trading around the 80 to the dollar mark on Thursday.

https://www.themoscowtimes.com/2022/04/21/central-bank-survey-says-russias-economic-outlook-worsens-a77447

So far, Russia has been able to manage the initial shock waves of the sanction, but these things take time, but very soon, very very soon, we'll happily welcome Russia back to the league of third world nations. : and of course a regional nuclear power.

Putin sanction de nack u woto woto abi you want collect more

Putin keeps lying everyday to his people just to save face when the reality is the opposite

of course. with almost 20% inflation which is even going to get worse a few months down the line when the Sanctions develop roots...


this Moscow Times does not also send Putin, perhaps their staff don't even live in Russia

muhammaduyusufu:
of course. with almost 20% inflation which is even going to get worse a few months down the line when the Sanctions develop roots...


this Moscow Times does not also send Putin, perhaps their staff don't even live in Russia

Moscow Time is funded by USA or UK and have no office at all in Russia.

Does anyone know that most of the sanctions have not started taking effects

They have dates of implementation

By the time all of them have been implemented, we can know what will happen

For now, lets take these ones as appetizers

seunny4lif:

Moscow Time is funded by USA or UK and have no office at all in Russia.

You this Putard!

So this is the only thing you can type on this thread

So its not western propaganda?

Let them say, they have been saying
But it’s the opposite the world is seeing

‘We would cripple the economy of Russia’
Inflation hit USA
High energy price hit Europe

Let them say
Hypocrites

sapientia:
Does anyone know that most of the sanctions have not started taking effects

They have dates of implementation

By the time all of them have been implemented, we can know what will happen

For now, lets take these ones as appetizers



You this Putard!

So this is the only thing you can type on this thread

So its not western propaganda?

Moscow time is funded by USA or UK government
Do the maths
This your head must learn

God1000:
Putin keeps lying everyday to his people just to save face when the reality is the opposite

Cry me a river

Sanctions will affect the dollar more

sapientia:
Does anyone know that most of the sanctions have not started taking effects

They have dates of implementation

By the time all of them have been implemented, we can know what will happen

For now, lets take these ones as appetizers



You this Putard!

So this is the only thing you can type on this thread

So its not western propaganda?

That's a big lie sanctions is affecting only the west, you think the world revolve around them

.Russia has the backing of brics.

The two world most popular nation India and China are strongly behind Russia


The west should be scared

What most western puppet does not understand

Your country economy determines your currency power etc


Guess what country the economy it is is energy


By the time Russia divert all those cheap energy to China and Asia

All those companies in Europe will start leaving

ken6488:


That's a big lie sanctions is affecting only the west, you think the world revolve around them

.Russia has the backing of brics.

The two world most popular nation India and China are strongly behind Russia


The west should be scared

You need to buy new sense, coming to a thread of Russia central Bank stating the reality to vomit this trash

seunny4lif:

Moscow time is funded by USA or UK government
Do the maths
This your head must learn

Not that I have ever rated you to have sense

Its just that i never expected a single digit IQ

Scroll down to see where someone with sense busted your lies

ken6488:

Cry me a river

Sanctions will affect the dollar more

Indeed

ken6488:
What most western puppet does not understand

Your country economy determines your currency power etc


Guess what country the economy it is is energy


By the time Russia divert all those cheap energy to China and Asia

All those companies in Europe will start leaving

Is that why minimum wage is around $200 per month in Russia?

Nigeria is energy rich too. Must be why our naira is so powerful

This poutins arse lickers eh.


They are not the brightest bunch in Nairaland

seunny4lif:

Moscow time is funded by USA or UK government
Do the maths
This your head must learn

I smell lies

ken6488:


That's a big lie sanctions is affecting only the west, you think the world revolve around them

.Russia has the backing of brics.

The two world most popular nation India and China are strongly behind Russia


The west should be scared

UR MUMU MUCH ABEG. DO U THINK THE WEST DOESN'T DO FALS WITH INDIA AND CHINA ? DO U THINK ALL INDIAN AND CHINESSE COMPANIES ARE FREELY FUNCTIONING IN RUSSIA ?

gambojimeta:

I smell lies

Go and read about the Moscow times abeg
The only reason you see Russian names is because Russia law says any media outlets must be at least 30% controlled by Russians.
Since 2022, Moscow times have been banned in Russia.

sapientia:


You need to buy new sense, coming to a thread of Russia central Bank stating the reality to vomit this trash



Not that I have ever rated you to have sense

Its just that i never expected a single digit IQ

Scroll down to see where someone with sense busted your lies

Since u don’t have sense at all
Do simple research

Actually, as a results of invasion that took place in ukraine, it can actually lead to unemployment and this can cause high rate of unemployment.

I hope they haven't change mouth now... They need to tell us about the economic outlook of Western countries, I want to check something...

The CEO of Russia's biggest commercial bank said a few days ago that it could take a decade for Russia to recover.