World Bank sees Russian GDP shrinking 11.2%, investment falling 17% in 2022

MOSCOW. April 11 (Interfax) - Russia's GDP will contract by 11.2% in 2022, the World Bank forecast.

The Russian economy will recover only a small portion of this decline in 2023 and 2024, with anticipated growth of 0.6% and 1.3%, respectively, the World Bank said in a report on the outlook for the economies of Europe and Central Asia in light of the military operation in Ukraine and its consequences.

The World Bank expects investment in Russia to drop 16.9% in 2022, exports of goods and services to tumble 30.9% and imports to plunge 35.2%. Consumer price inflation for the year is expected to accelerate to 22%.

The share of Russians living below the poverty line is forecast to increase to 12.8% in 2022 from 11% in 2021.

The World Bank's forecast is more pessimistic than the projections of Russian analysts, whose consensus forecast, according to an Interfax survey, sees GDP falling 8.4% in 2022.