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3.2 ​Macro outlook
The central bank updated its GDP growth forecast for Russia for this year and next​ at its October monetary policy meeting. It predicts the economy will shrink by 4-5% this year, which is 0.5 percentage points less than previously estimated.
According to the central bank, the change is mainly due to the better-than-expected development of exports in the spring. The central bank forecasts economic growth next year of 3-4%, which is 0.5 percentage points less than previously expected. The lowering of the growth forecast has been mainly due to the deteriorating situation of the corona pandemic in Russia and many other countries during the autumn. The central bank did not change the growth forecasts for 2022 (2.5–3.5%) and 2023 (2–3%).
4.0​ Real Economy
35 ​RUSSIA Country Report​ December 2020 www.intellinews.com