World Bank forecasts growth of 1.6% in Russia's GDP in 2023, 1.3% in 2024

WASHINGTON. Oct 5 (Interfax) - The World Bank forecasts growth of 1.6% in Russia's GDP in 2023 and 1.3% in 2024, the bank said in an updated economic outlook for developing countries in Europe and Central Asia.

The World Bank also projects growth in Russia's GDP to decelerate to 0.9% in 2025.

The World Bank had forecast a decline of 0.2% in Russia's GDP for this year in its June Global Economic Prospects, and a rise of 1.2% next year and 0.8% in 2025.

The World Bank said that it had upgraded the overall outlook for Russia's economy owing to increased government spending on military needs and social payments, as well as consumption levels remaining stable.

The World Bank improved the growth forecast for developing countries in Europe and Central Asia to 2.4% in 2023 from 1.4%, downgraded it to 2.5% in 2024 from 2.7%, and retained it at 2.7% in 2025

The World Bank raised the forecast for growth in Turkey's GDP to 4.2% in 2023 from 3.2% and downgraded its outlook to 3.1% for next year from 4.3%. Turkey's economic growth forecast for 2025 was lowered to 3.9% from 4.1%.