16 Feb 2023, 07:46

EBRD retains forecast for Russia's GDP decline by 3% in 2023

The previous prediction, given in September 2022, expected a 5% drop in Russian economic growth in 2022 and a 3% decline in 2023

LONDON, February 16. /TASS/. The European Bank for Reconstruction and Development (EBRD) lowered its forecast for a decline in Russia’s economic growth in 2022 to 3.5% and retained its forecast for a decline in GDP in 2023 at 3%, according to the report of published on Thursday.

"Russia’s economy contracted less than initially expected in 2022, reflecting in part high energy prices which mitigated some of the sanctions impact. However, the economy is likely to contract by 3 per cent in 2023 due to declining oil prices, continued impact of the sanctions and fiscal pressures," the report said.

The previous prediction, given in September 2022, expected a 5% drop in Russian economic growth in 2022 and a 3% decline in 2023. According to the bank, Russian GDP should expand by 1% in 2024.

"The economy of Belarus is more dependent than before on the Russian economy. GDP decreased by an estimated 4.7 per cent in 2022 and is expected to fall by 1 per cent in 2023. A moderate recovery of 1.3 per cent growth is forecast in 2024," the report said.

Russia has been a member of the EBRD since 1992. After the European Union and the United States imposed sanctions on the Russian Federation in 2014, the bank halted investment in Russian projects.

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