Reshetnikov spoke about expectations for a slowdown in inflation in the Russian Federation

Modern conditions force the economy and business to adapt and rebuild in accordance with new realities. On May 18, Maxim Reshetnikov, Head of the Ministry of Economic Development, spoke about the factors and causes of the changes, as well as economic forecasts for the future.

As the minister pointed out, the decrease in expectations for the growth of the gross domestic product (GDP) of the Russian Federation for the next three years is due to a number of factors. These include external conditions such as escalation in the Middle East, anti—Russian sanctions, and trade wars. Such conditions affect global logistics chains and lead to a slowdown in the global economy.

"Another factor is the change in the structure of budget expenditures. We also take into account the increase in the Bank of Russia's medium-term forecast for the key interest rate. We understand what we need to do to ensure that growth is sustainable and balanced. The government continues to implement measures aimed at increasing the potential for economic growth," he said in an interview with RBC.

Reshetnikov noted that the first measure is the implementation of the structural change plan on behalf of Russian President Vladimir Putin. The initiative involves creating conditions for increasing employment and productivity in the economy, as well as investment growth. The need to improve the institutional conditions for conducting and developing a business is also highlighted.

"A very important step has been taken here — the State Duma has adopted a government bill on the statute of limitations on privatization," the minister said.

The second step is to prioritize spending and budget consolidation. It is proposed to select the tools that would have the greatest impact on the growth potential of the economy. On this path, consistency and consistency are important, the head of the Ministry of Economic Development noted.

"The third is to maintain the flexibility of the economy, including market pricing, freedom of business, openness to the outside world, and the establishment of new logistics chains. Support for competition, including the alignment of the "rules of the game", the "whitewashing" of the economy,"— said Reshetnikov.

Domestic demand will continue to be the basis of economic growth in the country. At the same time, the role of net exports will decrease. The opportunities for increasing production will help maintain the trend of increasing household incomes.

The Minister also noted the trend towards a steady decline in inflation in Russia. As of May 12, the value was 5.5% year-on-year. Also, the decrease in the price index in the manufacturing sector in the first quarter indicates a decrease in pressure on the retail market from suppliers.

"By the end of the year, we expect inflation to slow down to 5.2% year—on-year," he said.

As Reshetnikov pointed out, in conditions of a shortage of personnel, enterprises in Russia are forced to compete for employees, including through salary increases. At the same time, income growth reflects the overall picture and does not affect every individual.

"Statistics reflect general trends. This means that salaries and incomes are not growing for every individual. At the same time, wage growth is confirmed, for example, by data from the largest job search services that deal directly with employers' salary offers," the minister said.

Currently, there are still reserves for salary increases in the Russian economy, Reshetnikov stated.

The areas with the most pronounced wage growth are constantly changing. So, in January-February 2026, tourism and catering showed the greatest increase. Prior to that, the manufacturing industry and IT occupied the leadership. Growth is uneven in different industries due to changes in the structure of the economy.

"And despite the slowdown in economic growth, we still have very low unemployment. This is the result, among other things, of the emergence of new forms of employment, through platforms, self—employment and others," he said.

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Reshetnikov said at a meeting with Putin on May 12 that annual inflation in Russia is 5.6%. He also noted a 0.3% decrease in economic growth in the first quarter of this year, but stressed that, according to March data, "the economic growth rate was 1.8% year-on-year."

Kremlin spokesman Dmitry Peskov said on the same day that the government was taking the necessary measures to support the Russian economy. He stressed that the economy cannot be completely immune from the volatility in global markets, which negatively affects most countries.