World Bank projects sustainable post-Covid economic recovery in Russia — RT Business News

The World Bank, which has in latest weeks been elevating its outlook for Russia, mentioned on Tuesday it expects a gentle recovery of the nation’s economic system this yr and in 2022.

“We forecast the growth of the Russian economy in 2021 by 3.2%, supported by strengthening domestic demand and rising energy prices,” it mentioned in a report, including that “The recovery will be sustainable in 2022, GDP growth will be 3.2% amid easing the effects of the pandemic and stabilizing prices for commodities.”

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The financial institution’s economists identified that “Factors such as geopolitical tensions in 2021, including additional US sanctions, as well as an increase in the rate of the Central Bank of Russia from historically low values ​​put pressure on the forecast.”

The World Bank’s projection is healthier than that of the Russian Ministry of Economic Development and Trade, which expects the nation’s GDP to develop 2.9% by the top of the yr.

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