World Bank boosts forecast for Russian economy in 2023, revises it down somewhat for 2024

MOSCOW. April 6 (Interfax) - The World Bank (WB) is predicting a less significant decline in Russia's GDP in 2023 than previously expected.

According to a new WB forecast, the Russian economy will shrink by 0.2% this year. In January, the GDP decline was expected to be 3.3%.

"Sanctions will lead to lower oil production in Russia, which will reduce the current account surplus," the WB said in a report on the European and Central Asian region's economy released Thursday.

"Medium-term growth prospects for the Russian economy are subdued as the country's access to productivity-enhancing resources and technology is limited," the report said.

The WB revised down its 2024 GDP growth forecast for Russia to 1.2% from 1.6%. The WB expects the Russian economy to grow by 0.8% in 2025.