Against the backdrop of slowing economic growth and rising inflation expectations in Russia, the country's President Vladimir Putin has tasked the government and the Central Bank of Russia to restore the pace of economic growth in 2026, while simultaneously keeping inflation within 4-5%. The order is perceived by analysts as an indirect recognition that the current growth model is starting to lose momentum and that deeper structural changes are needed.
The task was formulated in the list of decisions after the meeting of the Council for Strategic Development and National Projects, held on December 8, 2025, writes the Russian newspaper "Kommersant". The document states that the government, together with the Bank of Russia and regional authorities, must ensure the restoration of economic growth and investment activity, solve structural problems in industries and increase labor productivity. Among the priorities are also the accelerated implementation of promising technologies, the "lightening" of individual sectors of the economy, a change in the structure of imports and the limitation of negative demographic trends. Reports on the implementation of these measures are expected by June 1, 2026.
According to Rosstat, Russia's GDP growth slowed to 0.6% year-on-year in the third quarter of 2025, after 1.1% in the second. At the same time, inflation expectations of the population increased to 13.7% in December, according to a study by "inFOM". This discrepancy between the official low inflation target and public sentiment casts doubt on how quickly and painlessly a simultaneous acceleration of growth and price stabilization can be achieved in 2026.