LONDON, May 16. /TASS/. The European Bank for Reconstruction and Development (EBRD) now sees a 1.5% decline of Russia’s GDP in 2023 rather than the 3% previously forecast, according to its latest report on Tuesday.

In February, the bank expected Russia’s economy to contract by 3% in 2023 and to grow 1% in 2024.

Earlier, experts of the London-based bank estimated that the Russian economy will decline by 3.5%, while the country saw growth rebounding to 2.1% due to higher energy prices that partially mitigated the adverse impact of wide-ranging anti-Russian sanctions.