World Bank upgrades Russia's 2021 GDP growth outlook to 2.9% from 2.6%

The World Bank has upgraded its outlook on Russia’s GDP growth in 2021 to 2.9% compared with its December forecast of 2.6%, and in 2022 - to 3.2% from 3% due to a lower than expected GDP contraction in 2020 and quick easing of COVID-19-related restrictions, according to a report.

The outlook is still largely exposed to uncertainty and risks of a decline, the World Bank noted though. Moreover, economic recovery depends on the efficiency of vaccines and the risk of new sanctions, it added.

According to the latest outlook by Russia’s Economic Development Ministry, GDP growth will equal 3.3% in 2021, and 3.4% in 2022.

The Bank of Russia expects a recovery growth of the country’s economy at 3-4% in 2021, a 2.5-3.5% growth in 2022, and 2-3% - in 2023.