(MENAFN) The World Bank (WB) has raised its growth forecast for the Russian economy to 3.2% for this year, up from 2.9%. In its latest report, the WB also predicts 1.6% growth for Russia in 2025, an increase from 1.4%, while keeping 2026 steady at 1.1%.
The report indicates that Russia’s economy is growing above its potential, thanks to strong consumer confidence, higher real incomes, and significant government spending in defense and infrastructure. However, the 2024 forecast is lower than the 3.6% growth of 2023 due to tighter monetary policies and production constraints.
Previously, the WB noted that Russia’s economy has shown resilience against Western sanctions, crediting its shift towards Eastern trade partners and strategic economic policies.
The World Bank also announced Russia’s rise from “upper middle” to “high” income status, highlighting its economic progress. The IMF expects Russia’s economy to grow faster than all advanced economies in 2024.
This revision reflects a shift in perception of the Russian economy, showcasing its adaptability and growth potential.
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