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Russia’s economy this year may shrink the most since 1994

Russia is going through a period of high inflation and capital outflow, having to deal with the risk of default when it cannot pay due to a series of Western sanctions.

Associated RIA quoted Mr. Kudrin as saying that the Russian economy and finance ministers are studying new forecasts. Mr. Kudrin was finance minister from 2000-2011, currently head of the audit agency.

“The official forecast is for GDP to fall by about 10 percent,” RIA quoted Mr. Kudrin.

Previous Russian government projections estimate GDP will grow by 3% this year, following a 4.7% increase in 2021.

10% would be the steepest decline in Russian GDP since 1994, according to data from the World Bank and the International Monetary Fund.

This month, the World Bank forecasts that Russia’s GDP will shrink by 11.2% this year.

The United States and its allies have imposed unprecedented rounds of sanctions on Russia after Moscow launched a military operation in Ukraine. Russian President Vladimir Putin has expressed confidence that Moscow will achieve all of its “lofty” goals in Ukraine, but said the peace process with Ukraine is at a dead end.

During a joint press conference with Putin on April 12, Belarusian President Alexander Lukashenko fiercely defended Russia’s actions in Ukraine. He accused Washington, Brussels and London of causing the crisis in Ukraine, calling economic sanctions against Russia a “psychological war” directed by Britain. He also accused the US of inciting Poland and the Baltic states to confront Moscow.

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