Russia’s “overheating” economy will slow sharply next year with interest rates stuck at well above prewar levels until 2027, the Russian central bank has said.
Rapid growth, expected to hit 3.5 to 4 per cent this year, has been driven primarily by strong domestic demand from consumers and the state, which has outpaced supply, the CBR said in its annual report.
It said acute labour shortages and the negative effects of western sanctions were crimping production.
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