Russia’s GDP will decelerate to 2.4% in 2022 and to 1.8% in 2023, the World Bank said in its Global Economic Prospects report.
"Growth in the Russian Federation - the region’s largest economy - is projected to moderate to 2.4% in 2022, as macroeconomic policy continues to tighten and domestic demand wanes, and to further decelerate to 1.8% in 2023, as industrial commodity prices edge down," the World Bank’s experts said, TASS reports.
"Output in Europe and Central Asia (ECA) is estimated to have expanded by 5.8% in 2021, reflecting a faster-than-expected rebound in domestic demand through most of the year. Firming activity in the euro area and higher commodity prices lifted export growth and remittance inflows, further bolstering the regional recovery," the World Bank noted. "Robust incoming data contributed to upward revisions of estimates for 2021 growth in about 90% of ECA economies. Recent high-frequency data, however, suggests that the latest surge of the pandemic will be disruptive, including through tighter domestic mobility restrictions and international travel bans," it added.
"New export orders have slipped, reflecting softening external demand and supply bottlenecks. Consumer confidence is waning owing to increasing COVID-19 cases, rising inflation, and policy uncertainty. Many of the region’s central banks are rapidly withdrawing monetary policy accommodation, prompted by a surge in prices that has pushed inflation above targets in nearly all inflation-targeting economies in the region," experts of the World Bank said.
"Risks to the baseline forecast for the region remain tilted to the downside. Further COVID-19 outbreaks may occur, especially in economies with low vaccination rates. Given tight global and euro area financial and trade linkages, a prolonged pandemic elsewhere could generate negative spillovers to ECA. The region’s energy exporters remain vulnerable to large swings in global commodity prices," the World Bank added.
See all the news
Financial Services in CAREC
#TheCheckpoints: TIWB & Georgia - Interview with Rusudan Kemularia, Head of TIWB Secretariat
Stoli® Group to Release Limited-Edition Bottle in Support of the Ukrainian People
როგორ მოხვდა 17 წლის ანასტასია ლელაძე ჰარვარდში? - ანასტასია ლელაძე ქალების ნარატივში
"Literally the whole village was waiting for the first harvest of strawberry" - Kvitsiani family from Svaneti
Aliyev replaces long-serving central bank head with loyalist
Putin imposes visa restrictions on citizens from 'unfriendly' countries
BMG-ს მედია რუბრიკა: #პროფესიონალი - გიორგი მიქაია
ყველაზე სანქცირებული რუსი ოლიგარქები
Business Leaders Council by USAID and Georgian Business
ვინ არის მსოფლიოში #1 სნაიპერი “Wali”?
ბინების ქირის ფასი 50%-მდე გაიზარდა
OECD formally terminates the accession process of Russia
"Today we are all Ukrainians"- Zurab Pololikashvili
Tourism is the main bridge for building understanding - ZURAB POLOLIKASHVILI
FAQ’s and Analysis on Lari & FDI - Interview with Fady Asly
მინერალური და მტკნარი წყლის ფასები ქართულ ბაზარზე
China continues to push competitors out of the global walnut market
Moscow to Host First Meeting of Turkish & Armenian Special Envoys on Jan 14