Russia weathering crisis better than expected, authorities could revise expectations for inflation, GDP decline in June - Reshetnikov

MOSCOW. June 15 (Interfax) - The decline in Russia's economy and the level of inflation could be lower than the current forecasts, and the authorities are preparing to revise their expectations in June, given that the country is weathering the crisis better than predicted in early March, Economic Development Minister Maxim Reshetnikov said.

"We are probably weathering the situation currently better than we had expected at some point in early March, which gives grounds for revising some of our forecasts and estimates, and so on," Reshetnikov said on the Rossiya 24 TV channel.

Reshetnikov said that the authorities would return to updating forecasts for economic development at the end of June. "It is too early to talk about any specific figures, because we have agreed that we would reevaluate this year and the next one at the end of June, taking into account all the measures taken now and assessing their work," the minister said.

"However, in general, I must say that inflation should clearly be significantly lower than the parameters that we have provided. It is quite possible that we will look at the data for May and the depth of the recession could turn out to be slightly lower [meaning the drop in Russia's GDP in 2022 could be less severe that forecast in the spring]," Reshetnikov said.

The Economic Development Ministry's current official forecast envisages inflation of 17.5% by the end of 2022, and a decline in GDP of 7.8%.