Russia’s gross domestic product (GDP) will shrink by 3.3% this year. The country’s economy is expected to grow by 1.6% in 2024, informs TASS with reference to statistics from the World Bank (WB) report.
“The World Bank (WB) expects Russia’s GDP to shrink by 3.3% this year and increase by 1.6% next year. At the end of 2022, the decline in the Russian economy reached 3.5 percent.
At the same time, last year’s data came out 5.4 points (pp) better than predicted in the bank’s June report. Then, World Bank analysts predicted an 8.9% decline in Russia’s GDP by the end of December. At the same time, it was stated that the organization’s 2023 forecast is worse than the June report, which analysts assumed a 2% decline in the country’s economy.
29 December Finance Minister Anton Siluanov estimated 2.7% decline in Russia’s GDP in 2022. At the same time, he did not exclude the possibility of a decrease in the country’s gross product in 2023.