OECD downgraded Russia’s GDP growth forecast for 2021

The Organization for Economic Cooperation and Development (OECD) predicts Russia’s GDP growth in 2021 by 2.7% against the expected 3.5% in May. At the same time, in 2022, the Russian economy is expected to grow by 3.4%, and not by 2.8%, as in the spring, according to the OECD report.

The OECD lowered its forecast for global economic growth for 2021 to 5.7% from the previously expected 5.8%. The forecast for the growth of world GDP for the next year has been improved to 4.5% from 4.4%.

The OECD also revised upward its forecasts of consumer inflation in Russia: in 2021 – from 5.9% to 6.1%, and in 2022 – from 4.5% to 5.5%.

In May, the World Bank (WB) improved its forecast for Russia’s GDP growth in 2021 and 2022 to 3.2%. According to the WB forecast, in Russia in 2021 GDP is expected to grow by 3.2%, after which the growth rate will be 3.2% in 2022 and 2.3% in 2023.

Read more in the material “Kommersant” “Minimum income in the Russian way”

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