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4 Nov 2021
EBRD forecasts 3% growth for Russian Economy for 2022
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The European Bank for Reconstruction and Development EBRD stated on Thursday that Russian economy is expected to grow 3.0% in 2022 due to certain geopolitical risks which could hamper growth outlook.
The economy grew 4.3% this year and has successfully recovered all losses caused by the pandemic which recorded a 3% contraction, the highest in 11 years. EBRD has shed light on various regional economic prospects which point towards social spending programs that can help Russian economy increase production and revenue. However, the forecasts are subject to various risks.
Further sanctions and geopolitical strains could add to risks and volatility in the process of oil and gas. The European Bank for Reconstruction and Development forecasts are in line with the Russian central bank which has provided growth figures of 4-4.5% for the current year and 2-3% for the next year and beyond.