Economic crisis in Russia to persist for 18 months: Expert

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An expert at the Russian Academy of Sciences (RAS), Alexander Shirov, told Sputnik that the economic crisis that Russia has been experiencing as a result of the war in Ukraine will last roughly a year and a half, despite the fact that the crisis has already passed its peak. 

"According to our estimates, the crisis, being experienced by the Russian economy now, will last for about a year and a half," Shirov said as quoted by Sputnik.

The RAS expert noted that the actual crisis began in the second quarter of 2022 when the Russian economy entered a recession. Back then, the Russian government quickly implemented an anti-crisis policy, which also slowed the economic decline, according to the expert.

Elsewhere in his remarks, Shirov said that the country's economic crisis has now passed its apex, expecting improvements to follow. Furthermore, he also anticipated that Russia is likely to exit the crisis gradually "without a dramatic increase in unemployment or a sharp decline in population incomes".

Russia, like many other countries throughout the world, has been dealing with growing inflation and rising consumer costs, partly as a result of Western sanctions imposed on Moscow in response to its special military operation in Ukraine.

It is worth noting that the median annual inflation forecast in Russia increased for three months in a row from August to October after a fall in July.

According to Russian Central Bank estimates released on Thursday, inflation expectations fell a few percentage points in November to an annual rate of 12.2%, down from 12.8% in October. 

The bank also predicts that consumer prices will fall by 5-7% next year and by 4% in 2024.