World Bank says Russian GDP to fall 4.5% in 2022, 3.6% in 2023

WASHINGTON, Oct 4 (PRIME) -- Russia's gross domestic product (GDP) will fall by 4.5% in 2022 and by 3.6% in 2023, the World Bank said in an updated forecast on Tuesday.

The bank also said that after two years of decline Russia's gross domestic product will rise by 1.6% in 2024.

Negative factors affecting the Russian economy include sanctions, the withdrawal of foreign companies, an uncertain outlook and a drop in real income that is eroding consumer demand. Next year, the bank expects a further weakening of all growth drivers due to the European oil embargo.

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