World Bank confirms forecast for Russia's GDP to grow 1.4% in 2025, 1.2% in 2026

MOSCOW. June 10 (Interfax) - The World Bank forecasts Russia's GDP to rise 1.4% in 2025 and 1.2% in 2026, according to the bank's Global Economic Prospects report in June.

The WB has thereby confirmed the forecasts stated in April.

The WB expects Russia's economy also to grow 1.2% in 2027.

Russia's GDP growth accelerated to 4.3% in 2024 from 4.1% the previous year, according to WB estimates.

"The marked slowdown in growth this year has been mainly owing to a weakening in private consumption and government spending owing to the delayed effects of monetary tightening, as well as a sluggish pace of real wage growth and a decline in government-supported corporate lending," the bank said.

The decline in global energy prices should limit the growth rate of the Russian economy and budget revenues, WB experts said. They predict moderate growth in Russian exports and expect a slowdown in import growth amid weakening consumer demand and tightening payment sanctions.

"Labour shortages, exacerbated by negative demographic trends, as well as limited access to markets and technology, are expected to continue to limit the long-term growth potential of the Russian economy," according to the report.