Limits of Russian economic ability in facing challenges

Recently, the Russian Central Bank once again presented to the public a picture of its vision for the future of the world and, of course, the Russian economy itself.

And as usual, Elvira Nabiullina does not give anything too optimistic: according to the head of the Central Bank, the world is on the verge of a large-scale crisis - unemployment is coming, a decline in production, and all this, of course, cannot but affect Russia and other economies. 

Therefore, according to the Central Bank of Russia, global growth rates will inevitably slow down, and it is expected that annual growth rates in advanced economies in late 2022 - mid-2023 will approach zero, then they will begin to slightly increase by 2025, and growth will also reach 3.4%. It should be noted that the last time GDP growth rates were observed at this rate was in 2017.

The central bank's baseline scenario does not imply a significant change in the current configuration of geopolitical conditions until the end of this projection horizon.