Analysts at Renaissance Capital revised their inflation forecast by 1 to 2 percentage points for Russia, now anticipating inflation of 5.4% at end-2025, with a moderately “hard landing” of the overheated economy in 2025 (GDP growth of 1.5%) and the key interest rate increased to as much as 21% by the end of 2024. According to bne IntelliNews, this is due to the pro-inflationary nature of the most recently proposed draft federal budget for 2025-2027. “The scale of the fiscal stimulus in 2024, according to the new draft budget, remains extremely high. The draft envisages a return to setting expe…