US Treasury Secretary Janet Yellen said that Russia’s war against Ukraine has weakened the former’s economy and slowed its growth forecast for the foreseeable future. “The Russian economy is expected to contract this year and next,” Yellen said yesterday before a meeting with officials European economy at the annual meeting of the International Monetary Fund and the World Bank held in Washington.
The Minister of Finance hosted the meeting together with Valdis Dombrovskis, Executive Vice President of the European Commission and its Trade Commissioner, and Paolo Gentiloni, European Economic Commissioner. According to the Economist Intelligence Unit (EIU), Russian GDP is expected to contract by 6.2% this year, and by 4.1% in 2023. The projections are “enormous, both historically and by international standards,” Agatha Demaris, director of The Economist’s International Forecasts.