Economic Downturn Intensifies

Russian Minister of Economic Development and Trade Maxim Reshetnikov revealed on Thursday that the nation's economy is cooling down at a pace exceeding previous expectations. His ministry is currently in the final stages of updating its macroeconomic forecast to reflect this accelerated trend.

Comprehensive Analysis Underway

Speaking to journalists at the Eastern Economic Forum, Reshetnikov confirmed that "a number of indicators will be revised" with the updated forecast to be submitted to the government shortly. He emphasized that analysts are meticulously calculating various scenarios, including stress scenarios, while assessing all factors, challenges, current trends, and the global economic situation.

Baseline Scenario Adjustments

The minister noted that in the baseline scenario, certain indicators will understandably be revised compared to the conditions outlined in April's forecast, indicating significant economic recalibrations ahead.