26 Sep 2022 13:44

OECD substantially improves outlook for Russia's 2022 GDP, expects decline of 5.5%

PARIS. Sept 26 (Interfax) - The Organization for Economic Cooperation and Development (OECD) has improved its forecast for Russia's economy contracting this year, and it now expects the country's GDP to decline 5.5% instead of the fall of 10% forecast in June.

Meanwhile, the OECD has downgraded its outlook for Russia's 2023 GDP by 40 basis points to a contraction of 4.5%.

OECD analysts expect Russia to experience inflation of 13.9% in 2022 instead of the previously expected 16.2%, and has nearly halved its 2023 inflation forecast for the country to 6.8% from 13.3%.

The OECD has downgraded its forecast for global GDP growth to 2.2% from 2.8% for 2023, while confirming its outlook of 3% for 2022.

Established in 1961 with headquarters in Paris, the OECD is one of the leading economic organizations globally, and its 38 member countries are Australia, Austria, Belgium, Britain, Hungary, Germany, Greece, Denmark, Israel, Ireland, Iceland, Spain, Italy, Canada, Colombia, Costa Rica, Latvia, Lithuania, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia, Slovenia, the United States, Turkey, Finland, France, the Czech Republic, Chile, Switzerland, Sweden, Estonia, South Korea, and Japan.