Russia's Economy to Contract by 3.3% in 2023, Grow by 1.6% in 2024 - World Bank
The Russian economy is expected to contract by 3.3% in 2023 and grow by 1.6% in 2024 with modest consumption growth and a marginal recovery in exports, according to a World Bank report out Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 10th January, 2023) The Russian economy is expected to contract by 3.3% in 2023 and grow by 1.6% in 2024 with modest consumption growth and a marginal recovery in exports, according to a World Bank report out Tuesday.
"Output in Russia in 2023 is projected to decline again, by 3.
3 percent, as EU oil embargos are fully implemented and natural gas exports are reduced by Russia's shutoff of deliveries to the EU via the Nord Stream 1 pipeline. Growth is projected to resume in 2024, at a rate of 1.6 percent, with modest consumption growth and a marginal recovery in exports as Russia reorientates its trading relationships," the report said.