Russia says GDP forecasts better than expected

Inflation will be lower than predicted three months ago, and economic contraction also less than expected, according to the Russian economy ministry on Tuesday, Al Jazeera reported. Russia’s February invasion of Ukraine triggered unprecedented Western sanctions, plunging the energy-dependent economy into turmoil. But GDP is now forecast to shrink 4.2 percent in 2022, compared with a 7.8 percent prediction in May, and inflation hit 13.4 percent, rather than 17.5 percent.