The World Bank has improved the forecast for the fall of Russia's GDP from 3.6% to 3.3%

The World Bank has predicted a decline in Russian GDP this year by 3.3%, and not by 3.6%, as expected in October 2022. A year later, analysts expect growth of 1.6%.

The decline in the country's GDP is due to the "full implementation of the EU oil embargo and a reduction in natural gas exports" due to Russia stopping supplies to EU countries via the Nord Stream pipeline. In 2024, the World Bank predicted a 1.6% rise in the Russian economy due to a moderate expansion of consumption and a slight recovery in exports after reorientation to other buyers.

The federal budget deficit last year reached 3.3 trillion rubles - 2.3% of GDP, Finance Minister Anton Siluanov said. Earlier, the department planned that the budget deficit for 2022 would increase from 0.9 to 2% OF GDP.