Russia's GDP is unlikely to return to pre-crisis levels until the early 2030s, according to our modelling. We expect Russia's economy to contract by almost 11% in 2022 and a further 3.3% in 2023, assuming that the war on Ukraine does not continue beyond 2023. Our forecasts also assume that the EU reduces imports of Russian gas this year but does not embargo Russian oil imports.
What you will learn:
Topics: Forecasts, Europe, Consumption, Inflation, GDP, Macroeconomics, Exports, Imports, Inflation risks, Outlook, Oil and gas, Russia, Oil exports, Energy prices, European Union, Energy, Gas Industry