The Head of the Audit Chamber of the Russian Federation, Alexei Kudrin, stated on Tuesday that the Russian economy in 2022 will contract by more than 10%.
"We all understand that this will affect our budgets, revenues, and the implementation of the budgetary laws that have been adopted by all entities of the Russian Federation," said Kudrin. The official also acknowledged that Russia would have "to work harder" in monitoring this issue this year.
It is expected that the Russian economy will suffer an economic contraction and double-digit inflation after the military operation in Ukraine and the sanctions imposed by Western allies on Moscow.
