Inflation will be lower than forecasts in Russia in 2025 at around 6%, GDP growth expected at 0.5%-1%, but there are imbalances - Putin

MOSCOW. Dec 2 (Interfax) - Inflation in Russia in 2025 will be lower than forecasts and will amount to around 6%; GDP growth is expected from 0.5% to 1%, which is an expected soft landing, but some imbalances have appeared, President Vladimir Putin said during VTB's "Russia Calling!" investment forum.

"The reduction of inflation is an important achievement of the current year. If in March inflation was estimated at double-digit rates, now it is below 7% year-on-year. It is expected that by the end of December it will be about 6% - that is, lower than the forecasts of the government and the Central Bank," he said.

"At the same time, a slowdown in economic growth is noted. Over nine months of the current year, Russia's GDP added 1.0%, including 0.6% in the third quarter [year-on-year]. According to the forecast for 2025, GDP growth will be in the range from 0.5% to 1.0%, but overall this is an expected result. We have been saying from the very beginning, when the Central Bank raised the rate, when the government made certain decisions, that we expect such a soft landing," Putin said.

"At the same time, some imbalances have emerged. For example, in a number of industries, output this year not only did not increase, but even fell. Are such trends acceptable to us? No. Let me remind you that in December last year, fundamental tasks were set for the government and the Central Bank, namely, to ensure a transition to a model of balanced growth: maintain low levels of unemployment and inflation while launching structural changes in the economy, taking into account the course towards its formalization and strengthening the competitive environment," he said.

"We will discuss this topic in detail in just a week - at a meeting of the council on strategic development and national projects," he said.