The World Bank predicted a decline in Russia’s GDP by 3.3% in 2023
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In 2023, Russia’s GDP will decrease by 3.3%, but already in 2024 this figure will grow by 1.6%, should from the January report of the World Bank (WB), dedicated to the prospects for the development of the world economy.
According to the organization, at the end of 2022, the decline in Russia’s GDP amounted to 3.5%. At the same time, in June, the World Bank predicted a decline in the Russian economy by 8.9%.
At the same time, the organization’s experts worsened the forecast for 2023 and 2024. So, in June, they expected that Russia’s GDP would shrink by 2% this year, but by January the forecast increased by 1.3 percentage points, to 3.3%. In the summer, it was assumed that in 2024 the Russian economy would grow by 2.2%, in January the forecasts decreased by 0.6 percentage points, to 1.6%.
At the same time, the Ministry of Economic Development expected a decline in GDP in 2022 by 2.9%. In 2023, the reduction of this indicator is projected at the level of 0.8%. At the same time, in 2024-2025. the ministry expects GDP growth of 2.6% per year.
In mid-December, the Chairman of the Bank of Russia, Elvira Nabiullina statedthat by the end of 2022, the decline in the Russian economy is expected to be about 3%. In October, the Bank of Russia predicted a decline in GDP by 3-3.5% in 2022. In 2023, the decline could be from 1 to 4%, the regulator noted. At the same time, in 2024-2025. growth of the Russian economy is projected at the level of 1.5-2.5% annually.
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