"We are making efforts to offset these consequences, the consequences of sanctions … They are bearing fruit. While the economy contracted 2.1% last year, we expect it to bounce back this year and grow 2.5% or even more," he told China Global Television Network (CGTN).
Inflation in Russia is on track to hit 6% by the end of 2023, Siluanov estimated, but the Russian government expects it to return to the 4% target next year. The Bank of Russia forecasts consumer prices ending 5-6.5% higher this year. By contrast, the unemployment rate has shrunk to its decade low of 3%, the minister said.