The World Bank has improved the forecast for Russia’s GDP in 2023
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The World Bank predicted a decline in Russia’s GDP in 2023 by 0.2% instead of the previously announced 3.3%. This is stated in the report, published on the organization’s website.
According to updated data, in 2022, Russia’s GDP fell by 2.1%. At the same time, back in January, the World Bank declared on the reduction of the Russian economy by 3.5%.
Despite the improved forecast for 2023, the organization worsened its expectations in 2024. Now the country’s GDP growth is expected at 1.2%, although analysts predicted 1.6% in January. In 2025, according to the World Bank, the growth of the Russian economy will be 0.8%.
The organization also improved the outlook for Eastern Europe and Central Asia. Economic growth in the region is expected to be 1.4%, not 0.1% as previously forecast.
At the end of January 2023, forecasts for the RF GDP also improved International Monetary Fund (IMF). The organization expects the Russian economy to grow by 0.3% in 2023 instead of the 2.3% decline projected in October 2022. According to the IMF, in 2022 Russia’s GDP contracted by 2.2%. It is expected that in 2024 the country’s economy will grow by 2.1%.
During his address to the Federal Assembly on February 21, Russian President Vladimir Putin said that Russia was predicted to collapse the economy, but the decline in GDP in 2022 was 2.1%. In mid-March, the head of state notedwhich expects a “significant increase” in the Russian economy in the second quarter.
According to the Ministry of Economic Development of the Russian Federation, by the end of 2023, GDP will decrease by 0.8%, while in 2024 the Russian economy is expected to grow by 2.6%. In February, the Central Bank improved its GDP forecast for 2023 from a 1% decline to a 1% growth instead of a 1-4% decline according to the October forecast.
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