Euler Hermes has Raised Its Forecast for GDP Growth in Russia
The increase is explained by the sharp impetus that the Russian economy received in the second quarter of 2021. Then GDP grew by 10.1% at once in relation to the same period last year due to the recovery of industrial production, growth in household spending, retail sales and net exports.
Analysts report that the third quarter brought a decline in economic entrepreneurship to Russia, while rising inflation and the number of people with COVID-19 have reduced household utilization. But analysts are convinced that the result of the past period will be lasting. The forecast for 2022 has already been raised - from 3.2 to 3.3%.
But even a significant improvement in the forecast will not allow Russia to rise in the world rankings. It will also continue to lag behind both neighboring states and the whole world. Euler Hermes expects world GDP growth in 2021 at 5.5%, and in 2022 - 4.2%.
The European Union will end 2021 with a 5% increase in GDP, and in 2022 it will be 4.2%. The growth of the Turkish economy is expected in 2021 at the level of 9.4%, and in 2022 by 4.1%. For the United States, these figures will be 6.1% and 4.1%.