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World Bank improves forecast for Russian GDP growth in 2024-2025

Russia is expected to have economic growth by 3.2% in 2024, 1.6% in 2025, and 1.1% in 2026, the document indicates

WASHINGTON, October 17. /TASS/. The World Bank revised upward its forecasts for Russian GDP in its October report dedicated to development prospects of the economy of the Europe and Central Asia (ECA).

Russia is expected to have economic growth by 3.2% in 2024, 1.6% in 2025, and 1.1% in 2026, the document indicates.

"Tighter monetary policy and increasingly binding constraints on production capacity and labor resources are expected to slow growth to 3.2% in 2024, from 3.6% in 2023," the World Bank said. "Growth remains well above potential because of buoyant consumer sentiment, higher real incomes, and substantial increases in government spending, including on defense and infrastructure," authors of the report noted.