The Central Bank said that the decline in Russia's GDP in 2022 will be 8-10%

“According to the baseline forecast of the Bank of Russia, in 2022, GDP will contract by 8.0-10.0%,” the report says. 

It is specified that the decrease will be associated with factors on the supply side.

In 2023, the Central Bank predicts a contraction of the Russian economy within 3-0%.

Also, the Central Bank of Russia decided to reduce the key rate to 14% per annum.