The World Bank has published a report in which it improves the forecast of a decline in Russia’s GDP in 2023.
While in its January forecasts, the World Bank expected Russia’s GDP to decline by 3.3% this year, it now expects the Russian economy to shrink by just 0.2%.
The World Bank report notes that the reduction in the current account surplus will occur due to a drop in oil production in Russia amid sanctions.
The WB also states that Russia’s access to resources and technologies that could increase productivity is currently limited.
As for the Russian GDP growth forecast for 2024, the World Bank has worsened it to 1.2% from 1.6%. In 2005, the World Bank expects the Russian economy to grow by 0.8%.
