World Bank upgrades Russia’s 2023 GDP outlook to 0.2% decline

MOSCOW, Apr 6 (PRIME) -- The World Bank (WB) has improved its 2023 Russian economic forecast to a 0.2% contraction from 3.3% in its January's outlook thanks to higher than expected indicators for 2022 and a lower than expected oil and oil product output decrease this year, it said in a report on Thursday.

The World Bank also expects a 3.7% widening of budget deficit on the back of economic support and a decline of the oil income. Inflation is expected at 6% in 2023 with a fall to 4% by 2025.

The GDP forecast for 2024 was worsened to a 1.2% growth from 1.6%. The bank expects the economy to grow by 0.8% in 2025.

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