Economy Russia at the end of the year may be reduced by 12 percent, which will be the worst figure since 1994, Bloomberg reported on Tuesday, May 10, citing an internal forecast of the Russian Finance Ministry. According to the interlocutor of the agency, if the forecast comes true, this fall will nullify growth Russian economy over the past ten years.
The Central Bank of the Russian Federation expects a fall Russian GDP at the end of 2022 by 8-10 percent. The Ministry of Economy of the country predicts a reduction in GDP by 8.8 percent in the base case and by 12.4 percent in the conservative scenario. According to World Bank forecasts, the volume of gross domestic product in Russia in 2022 will decrease by 11 percent.
Analysts at S&P Global Market Intelligence believe that against the backdrop of sanctionsimposed against Russia due to invasion of Ukrainethe Russian economy will take 10 years to recover to the level of 2021.