The World Bank in Russia

Russia’s economy will contract by 4.5 percent in 2022, less than initially expected thanks to the strong fiscal response and the surge in energy prices which helped increase fiscal revenues. The economy has experienced a sharp drop in imports, and a fall in real incomes. The recession will continue in 2023 due to the sanctions and reduced fiscal expansion, according to the World Bank's latest Regional Economic Update for Europe and Central Asia (Oct 2022).