The World Bank has raised the forecast for the growth of the Russian economy in 2021

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The World Bank has raised the forecast for the growth of the Russian economy in 2021
The World Bank has raised the forecast for the growth of the Russian economy in 2021
6 October, 09:50Economy
The World Bank has improved its forecast for Russia's GDP growth this year from 3.2% to 4.3%. At the same time, the forecast for 2022, on the contrary, has been lowered from 3.2% to 2.8%. In 2023 - from 2.3% to 1.8%.

The bank's report on the economy of the Europe and Central Asia region indicated that the Russian economy is "supported by an earlier recovery in domestic demand and higher energy prices".

“The improved outlook also reflects additional, albeit marginal, fiscal support”, - analysts say.

The authors of the report explained their decision by the expected stabilization of demand and a decrease in prices for industrial raw materials. The organization believes that in connection with the gradual easing of restrictions on oil production by OPEC+, the Russian authorities will return to the budgetary rule.

The growth prospects of the Russian economy are also affected by the escalation of geopolitical tensions, including new US sanctions that were introduced in 2021, insufficient vaccination rates and an increase in the key rate by the Central Bank from record lows.

The official forecast of the Ministry of Economic Development in the basic version assumes the growth of the Russian economy by 4.2% in 2021, and in 2022-2023 - by 3%.

In September, we recall that experts predicted the growth of the world economy in 2021, while the forecasts for the Russian economy were not so rosy. The share of the Russian Federation in the world economy will decline due to lagging behind in terms of growth rates, as well as too modest infrastructure and stimulus packages, experts said.

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