Russia forecasts 7.8 pct GDP contraction in 2022

The Russian Ministry of Economic Development on Tuesday expected the country's gross domestic product (GDP) to decease by 7.8 percent year on year in 2022.

Investment in fixed assets could nosedive by 19.4 percent and the retail trade turnover may plummet by 8.7 percent this year, a representative of the ministry told reporters.

The ministry expected the unemployment rate to rise to 6.7 percent from 4.8 percent last year and the real disposable income of Russians to drop by 6.8 percent this year.

Inflation could surge to 17.5 percent in 2022 from 8.4 percent in 2021, it predicted.