World Bank Improves Forecast for Growth of Russian Economy

The World Bank has improved its forecast for Russia’s GDP growth in 2021 from 3.2% to 4.3%, according to the bank’s report on the economy of the Europe and Central Asia region.

The World Bank notes the rapid recovery of the Russian economy against the backdrop of an increase in domestic demand, Russian media reported.

The World Bank simultaneously downgraded the forecast for Russian GDP growth for 2022 from 3.2% to 2.8%, for 2023 – from 2.3% to 1.8%.

According to the forecast of the Ministry of Economic Development, Russia’s GDP will grow by 4.2% this year, and by 3% in 2022-2023.

Sberbank, the country’s largest bank, previously raised its forecast for Russia’s economic growth in 2021 from 3.8% to 4.2%.

At the end of the year, according to Sber, the key rate of the Central Bank of the Russian Federation will grow from the current 6.5% to 7% per annum, and inflation will reach 5.8%, although 4.8% was previously expected.