The World Bank improved its forecast for Russia’s GDP growth in 2021 from 3.2% to 4.3% amid recovery in demand and high energy prices. This is reported by the bank’s report on the economy of the region of Europe and Central Asia.
“The recovery of the Russian economy this year should exceed expectations. Rising commodity prices and robust external and domestic demand boosted the projected GDP growth rate to 4.3%. However, persistent structural constraints are expected to slow growth in 2022 and 2023, ”the report said.
In 2022, Russia’s economy will grow by 2.8%, according to the World Bank. The estimate has been downgraded from 3.2%. The forecast for Russia’s GDP growth for 2023 has also been reduced – from 2.3% to 1.8%.
Earlier, the Organization for Economic Cooperation and Development worsened the forecast for Russia’s GDP growth in 2021. The OECD forecasts Russia’s GDP growth in 2021 by 2.7% against the expected 3.5% in May.
About the previous forecast of the World Bank – in the material “b”.
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