The World Bank raised its forecast for Russia’s 2023 GDP dynamics to -0.2% from -3.3%. It has been reported report World Bank.
It was noted that the change in the forecast was due to the fact that the 2022 indicators exceeded the previous forecasts and the decrease in the oil and petroleum products production in the country was less than expected. The previous forecast was made in January 2023. In October 2022, the forecast assumed a 3.6% decline in Russia’s GDP in 2023.
At the same time, analysts predicted a 3.7% increase in the budget deficit due to increased spending to stimulate the economy and falling oil revenues. Consumer inflation is expected to reach 6% in 2023 and fall to 4% in 2025.
GDP growth is projected to be 1.2% and 0.8% in 2024 and 2025, respectively. The 2024 forecast was lowered by 0.4% compared to January.
Previously at the IMF estimated Reduction of world GDP by 3% in 7-10 years.