Russia’s production forecast improves despite sanctions, thanks to World Bank

The World Bank improved its forecast for Russia’s domestic product to fall to 0.2 percent from 3.3 percent this year to rise to 1.2 and 0.8 percent, respectively, in the next two years, despite the sanctions.

The bank’s report says that “economic growth in Russia is still within the expected downside range for 2023, and while it remains close to zero, this represents a 3.1 percent improvement from January expectations.”

The bank explained this by the growth of economic indicators in the country, despite the reduction in the production of oil and oil products in 2023.

The World Bank also expected a 3.7 percent increase in the budget deficit due to economic stimulus measures and lower oil revenues.

The bank expects consumer prices to rise by 6 percent this year and then fall to 4 percent through 2025, while Russian output will rise to 1.2 and 0.8 percent in the next two years, respectively.

Source: News

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