BOFIT Forecast for Russia 2021–2023 / 2

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Title: BOFIT Forecast for Russia 2021–2023 / 2
Organization: Bank of Finland
Department / Unit: Bank of Finland Institute for Emerging Economies (BOFIT)
Series: BOFIT Forecast for Russia
Series number: 2/2021
Year of publication: 2021
Publication date: 16.9.2021
Subject (yso): talouskasvu; taloudelliset ennusteet; taloudellinen kehitys; ennusteet
Keywords: Bofit-kokoelma; Venäjä; taloudelliset katsaukset
Other keywords: Russia; forecast; economic development; economic forecast; economic growth
Abstract: The forecast for the Russian economy has been revised upward on improved prospects for global economic growth and Russian exports. Oil prices and the expectations are also higher than in March. GDP should rise more than 3.5 % this year from last year’s low basis, before settling in 2022−2023 to slightly over 2.5 % p.a. on average. Several uncertainties surround the forecast. There could be unexpected changes in the course of the covid pandemic, global growth and oil prices. The return of international travel and the release of assets piled up by households last year can also significantly affect private consumption. Improved government revenues create opportunities for more generous budget spending.
Note: Published also in Finnish by the name BOFIT Venäjä-ennuste.

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