The World Bank has improved the forecast for Russia’s GDP in 2023

In its World Economic Outlook report, the World Bank expected Russia’s GDP to decline by 3.3% in 2023 instead of 3.6%, and a year later growth would resume at 1.6%.

Last October, the bank predicted a 3.6% fall in Russia’s GDP in 2023, while the forecast for 2024 was the same as in the new report.

According to a report published today: “In 2023, another 3.3% decline in Russia’s GDP is expected due to the full implementation of the EU oil embargo and a decrease in natural gas exports due to Russia blocking pipeline supplies to the EU. Nord Stream-2.

In 2024, the World Bank expects Russia’s GDP to grow by 1.6% due to “moderate expansion in consumption and a moderate recovery in exports”, which Russia will redirect to other countries.

Source: News

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