"Russia's Economy Struggles Prompt 13% Interest Rate Hike"

The Central Bank of Russia has raised its key lending rate to 13% in an effort to combat inflation and stabilize the struggling ruble. The country's economy has been hit hard by a decrease in export revenues, particularly from oil sales, as well as increased defense spending and sanctions. Additionally, Russia is facing a brain drain of talent and a low birth rate, resulting in a shortage of workers. Despite these challenges, the government has revised its forecast for economic growth in 2023 to 2.8% and predicts a 2.3% increase in GDP next year.