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Russia says economy to contract by less than 3% in 2022

August 29, 2022

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Russia’s economy will shrink by less than 3% in 2022, a much shallower contraction than initially expected, while inflation will be below earlier projections, First Deputy Prime Minister Andrei Belousov said on Monday.

Russia’s economy took a hit from sweeping Western sanctions that followed Moscow’s move to send tens of thousands of troops into Ukraine on Feb. 24. But the economic aftermath has proved not to be as painful as initially feared.

Belousov said Russia’s gross domestic product (GDP) would fall by “a little more than 2%” this year, followed by a decline of “no more than 1%” in 2023.

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