EBRD says expects Russia's GDP to fall 10% in 2022

MOSCOW, Mar 31 (PRIME) -- The European Bank for Reconstruction and Development (EBRD) expects Russia's gross domestic product (GDP) to decrease 10% in 2022, the organization said in a report on Thursday.

"Sanctions on Russia are expected to remain for the foreseeable future, condemning the Russian economy to stagnation in 2023 (after a sharp GDP drop in 2022), with negative spill overs for a number of neighboring countries in eastern Europe, the Caucasus and Central Asia," the organization said.

Previously, the EBRD expected Russia’s GDP to grow 3% in 2022.

The organization expects that the world will see the most profound shock of supply since the 1970s accompanied with the growth of food, oil, gas and metals prices, which will affect the countries with low people's income to a great extent.

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