Africa Business Radio

Russia’s Economy Minister Maxim Reshetnikov says the economy is expected to grow by an average of 3% in the period 2022-24, with the central bank raising interest rates to curb inflation.The ministry also upgraded its growth forecast for this year to 4.2% from 3.8%, as the economy recovers from the coronavirus pandemic and lower oil prices faster than expected.The Russian Central Bank this month raised its key rate for the fifth time this year, to 6.75%, as it tries to bring inflation under control, and has signalled that more hikes are possible.The ministry sees inflation returning to the central bank’s target of 4.0% next year and staying stable around that level through to 2024.