The United Nations (UN) forecasts Russian GDP growth of 1.3% in 2023. About it informs FBA “Economy Today” with reference to the UNCTAD report.
According to the report, the full impact of sanctions on the Russian economy is not yet known, but the effect is already visible. In addition, an embargo on Russian oil should come into force at the end of the year, which will reduce state budget revenues.
However, UNCTAD noted that the situation is developing quite quickly, but so far it looks uncertain. Already, the decline in the Russian economy is much less than initially expected, analysts added.
Earlier, the Ministry of Economic Development of the Russian Federation said that the economy is adapting to new conditions faster than expected. The situation has stabilized, foreign economic and trade relations are being actively reconfigured. Already at the end of 2022 in quarterly terms The country’s GDP will move to growth.