Due to oil and weak demand: Russia expects two more years of economic stagnation

Another year of “belt tightening” awaits the Russians. The Russian Federation predicts a drop in oil prices to $55 by 2025-2026.

This is evidenced by the updated forecast of the Central Bank of the Russian Federation, The Moscow Times reports.

Central Bank Chairwoman Elvira Nabiullina said that in the current economic conditions, the forecast for exports and the current account of the balance of payments for the next two years will be lowered.

The Russian Central Bank confirmed a modest forecast of economic growth of 1-2% in 2025 and 0.5-1.5% in 2026. At the same time, lending to the population for this year was reduced: from 1-6% to 1-4%, in particular mortgages – from 3-8% to 3-6%.

The decline in the oil price forecast is explained by trade wars and increased production by OPEC+.

In addition, the Central Bank reported that consumer demand in the country will gradually decrease, and credit indicators will increase.

“Russian manufacturers are lowering their expectations for increased demand, especially in the consumer segment, and prices for some goods have even been falling for several months in a row,” Nabiullina said.

We will remind you that the profit of Russia’s largest truck manufacturer, KamAZ, decreased 28 times last year.

As reported, gasoline prices on Russian exchanges have been rising sharply over the past two weeks and are approaching a record high.

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