16:02 - 11.01.2023

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January 11, Fineko/abc.az. The World Bank has revised the forecast on the development of the Russian economy. Thus, WB expects decrease in Russian GDP by 3.3% by the end of 2023 and growth by 1.6% by the end of 2024.

ABC.AZ reports that it follows from the WB materials that the organization has improved the forecast on the Russian Federation for 2023: the previous forecast, published in October, assumed decrease in Russia's GDP by 3.6% at the end of this year. The forecast for 2024 - growth of 1.6% - remained unchanged.

The main factors that will affect Russia's GDP in the short-term prospect, according to WB economists, will be full implementation of the EU oil embargo and reduction of natural gas exports.

As a whole, the WB predicts that the global economy will grow by 1.7% in 2023 and by 2.7% in 2024. The organization says that sharp decline in growth will be widespread. GDP growth forecasts for 2023 have been revised downward for 95% of advanced economies and almost 70% of developing countries.