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Главная \ News \ The World Bank gave a forecast for the growth of the Russian economy in 2021

The World Bank gave a forecast for the growth of the Russian economy in 2021

According to experts, growth this year will be moderate, and in 2022 it will be up to 3%. Vaccination of the population in Russia at the beginning of this year will help restore the country's economy, and thanks to this, its growth in 2022 will amount to 3%, although in 2021 it will be moderate – 2.6%. This forecast is contained in the January report of the World Bank (WB), published on Tuesday “Prospects for the development of the world economy”. Growth in Russia is expected to pick up only moderately in 2021, reaching 2.6% as the country tackles the newly increased spread of coronavirus cases. Vaccine distribution in early 2021, however, is expected to be will help the recovery, and growth will ultimately be up to 3% in 2022, the document says.

At the same time, according to the bank's economists, in 2020 Russia's GDP decreased by 4%. At the end of December, the World Bank improved its forecast for a fall in Russia's GDP in 2020 to 4% from 5% expected in September. In November, the International Monetary Fund (IMF) downgraded its forecast for Russia's GDP growth in 2021 from 2.8% to 2.5%. The IMF noted that the recovery of the Russian economy, which began in the summer, is under threat due to an increase in morbidity and the resumption of sanitary restrictions. But these factors, according to the fund's estimates, will affect the economy less than in the spring.

Source: www.tass.ru

News
The OECD predicts acceleration in the global economy and a slowdown in the domestic Russian economy. The decline in household incomes and the contraction of consumer demand may become an additional brake on the recovery of the Russian economy.
According to Rosstat, the economic downturn in Russia in 2020 amounted to 3.1% – significantly better than expected.
The Deputy Chairman of the Bank of Russia Alexey Zabotkin emphasized that the potential economic growth rates do not depend on monetary policy, they are influenced by demography, labor force, and the efficiency of institutions.
The Russian economy continues to lose its attractiveness in the eyes of large transnational businesses as consumers become poorer and the government continues the sanctions war with the West.

The Washington Institute of International Finance (IIF) sharply improved its forecast for the Russian economy. Its experts revised estimates of the fall in GDP in 2020 from minus 4.8% to 3.6%.

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