The World Bank has raised its outlook for the Russian economy. Despite existing sanctions and pandemic-linked risks, it expects the country’s gross domestic product (GDP) to grow by around 3%.
The bank expects that consumer and business confidence in Russia are set to improve, paving the way for a gradual economic rebound, if there is not a third wave of coronavirus infections in the country. If this is the case, Russia’s GDP is set to grow by to 2.9% and 3.2% in 2021 and 2022 respectively, the bank said, in its latest report. This is better than its December projections, which had put Russian economic growth at 2.6% for this year and 3.0% for 2022.
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