Page 36 - RusRPTDec22

3.2 Macro outlook
The latest forecasts of Russia's economic development expect GDP to shrink by 7-8% in 2022-2023. The average of the forecasts collected by Consensus Economics from 19 research institutes for this year's GDP change is −4.2% and for next year's −3%. BOFIT's forecast published in October expects GDP to contract by 4% both this year and next year.
The IMF characterised the prospects of the world’s economy as "gloomy". The International Monetary Fund has downgraded its forecasts regarding the prospects for the development of the global economy and called them gloomier. The IMF has identified the main reasons for this: the tightening
36 RUSSIA Country Report December 2022 www.intellinews.com