Page 61 - Russia OUTLOOK 2022
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The powerful cyclical recovery of 2021 is expected to fade out in 2022. Overall, the consensus expects quite an equal year in terms of earnings growth, or rather stagnation, for many markets.
For Russia, consensus does not expect the strong earnings bounce of 2021 and ongoing expected recovery in 2022 to last long and the forecasts suggest the potential for an earnings recession in Russia in 2023.
The logic behind the expected decrease in earnings of Russia Inc stems from the fact that most of its exported commodities have been in backwardation for a while. Subsequently, one can conclude that Russia is indeed expected to enjoy a multi-year peak in earnings in 2022.
61 RUSSIA Russia OUTLOOK 2022 www.intellinews.com
