OECD improves forecast for Russia’s GDP decline in 2022
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The Organization for Economic Cooperation and Development (OECD) expects Russia’s GDP to contract by 5.5% in 2022. In June, the OECD predicted a decline in the Russian economy by 10% for the year. At the same time, the forecast for 2023 was worsened – a fall of 4.5% is expected.
According to the report (.pdf) OECD, inflation in Russia this year will reach 13.9% instead of the previously forecasted 16.2%. The inflation forecast for 2023 was almost halved, from 13.3% to 6.8%. Global GDP growth forecast for 2022 confirmed at 3%. The forecast for 2023 was suffocated from 2.8% to 2.2%.
In August, the Ministry of Economy, together with other departments developed scenario for the development of the Russian economy until 2030, the main task of which was to adapt to the new sanctions conditions. By estimated departments, the economic downturn in 2022 will be 2.9%. Russia’s budget for the next three years will be scarce. The economy is expected to return to growth in 2024.
On the dynamics of the economy – in the material “Kommersant” “Demand is not enough even for supply”.
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