In November 2022, Russia’s gross domestic product (GDP) was estimated to have decreased by four percent compared to the same month of the previous year. The monthly GDP growth was positive in the first three months of 2022. In April 2020, the country’s GDP fell by nearly 10 percent as a result of the crisis caused by the COVID-19 pandemic as well as the oil price crash.

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Russian economy outlook for 2023

Russia’s annual GDP was projected to fall by 2.3 percent in 2023, according to the International Monetary Fund (IMF) forecast from April 2022. The level of prices in the country was expected to continue increasing, with the Organization for Economic Co-operation and Development (OECD) projecting an inflation rate of over four percent in 2023.

How were other economies recovering from 2020?

Countries across the world saw a sharp decrease in GDP in 2020 due to the COVID-19 pandemic. In 2022, the European Commission foresaw an increase in all European Union (EU) members’ GDP, ranging from one percent in Estonia to nearly six percent in Portugal. In Latin America, a significant increase in GDP was recorded in Panama, at 12 percent in 2021.