The Russian Ministry of Finance expects the country’s GDP to contract by 12% in 2022, the worst since 1994. This is stated in the internal forecast of the Ministry of Finance, which was reviewed by Bloomberg.
If the forecast comes true, the source of the agency said, it will negate the growth of the Russian economy for about the last ten years.
The Central Bank expects Russia’s GDP to fall by 8-10% in 2022. The Ministry of Economy predicts a fall in GDP by 8.8% in the base case and by 12.4% in the conservative scenario. The World Bank believes that the Russian economy will fall by 11% in 2022.
According to analysts at S&P Global Market Intelligence, Russia’s economy will take 10 years to recover to 2021 levels amid sanctions imposed over the invasion of Ukraine.