Page 44 - RusRPTNov22

3.2 Macro outlook
BOFIT’s just-released Forecast for Russia 2022–2024 sees Russian GDP contracting by 4% this year. Despite temporary measures to avoid an acute financial crisis at the start of the invasion and a strong rise in export prices resulting in a smaller-than expected contraction of the Russian economy in the first half of 2022, the economic contraction is expected to speed up in the second half of this year.
While reduced private consumption and dwindling inventories will hurt economic growth, strong growth in net exports will still support the economy
44 RUSSIA Country Report November 2022 www.intellinews.com