Page 67 - RusRPTMar23

Overall, Capital Economics thinks the economy may have expanded slightly in SA q/q terms, consistent with a pick-up in NSA y/y growth from -3.7% in Q3 to -3.5% in Q4.
Looking further ahead, Capital Economics thinks Russia’s economy will struggle this year. Economic momentum was very weak at the end of 2022 and there are some strong headwinds on the horizon as commodity prices remain low, tighter sanctions come into force and the war in Ukraine continues. Capital Economics currently expects GDP to decline by 2.3% in 2023.
THe IMF expects Russia’s economy to grow by 0.3% this year, but that is increasingly looking like an outlier. The CBR also adjusted its forecast for 2023 to between a -1% contraction and 1% growth.
67 RUSSIA Country Report March 2023 www.intellinews.com