June 25, 2024

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The Ukrainian President’s Office believes that the “Wagner group no longer exists”.

The Ukrainian President’s Office believes that the “Wagner group no longer exists”.

EBRD predicts Russian economy to grow 1.5% in 2023 despite sanctions

The European Bank for Reconstruction and Development (EBRD) estimates that the Russian economy will grow by 1.5% this year, whereas it previously expected an equivalent amount of contraction.

Moscow’s revenue was supported “By Russia’s ability to offset oil price hikes and the ceiling impact [du prix du baril imposé par les Occidentaux] By exporting [du pétrole] Towards New Markets »Mainly in China and India, according to the EBRD.

“In our last forecast, we expected economic sanctions – particularly oil price caps – to be more effective in curbing Russian activity”The company continued in a statement sent to Agence France-Presse.

Further, “Activity remained strong – particularly household consumption and public spending related to the ongoing conflict – and second quarter GDP figures were surprisingly strong”Adds the EBRD, though it expects a slowdown thereafter.

On the other hand, for Ukraine, the company expects growth of 1% this year and 3% next year. “This reflects a very negative year-on-year growth compared to January and February last year.”Before the Russian invasion, the EBRD notes, however, that it expects a rebound with improved energy supplies.

read more: “Russia Strengthens Its War Economy and Adapts to Sanctions”

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Overall, the economies of countries with EBRD are expected to experience a Growth 2.4%Although it forecast 2.2% in May, thanks to the economies of Central Asian countries in particular, which are benefiting from sanctions on Russia.

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These countries should see a 5.7% increase in their GDP this year, driven mainly by the relocation of Russian companies to their regions or increased imports from the EU, part of which is re-exported to Russia. According to the EBRD.

The migration of workers from Central Asia to Russia, especially to compensate for the exodus of part of the working-age population, stimulates the development of these regions, as they send money back to their home countries.