Putin’s war has set his economy back four years in one quarter

The consequences of war are grim: Russia economy, 2022 gaining momentum at the beginning, it weakened in the second quarter. According to the median forecast of twelve analysts polled by Bloomberg, gross domestic product was expected to contract for the first time in more than a year to 4.7 percent. smaller.

As preliminary Rosstat data later showed, economists were not far off. It is announced that the Russian economy in 2022 contracted by 4 percent in the second quarter. compared to the same quarter last year.

What Bloomberg Economics Says:

“The economy will say goodbye to four years of growth and return to 2018 in the second quarter. We forecast contraction to moderate in the fourth quarter as demand is supported by looser monetary policy. However, in 2023 the economy will lose another 2 percent, as the European energy ban will reduce exports,” commented Aleksandr Isakov, a Russian economist.

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