The country’s GDP is now expected to contract around 3% in 2022, versus the 6% projected earlier The contraction of the Russian economy is expected to be much smaller than previously thought, according to the latest report by the Central Bank of Russia (CBR). In an improved outlook issued on Friday, the regulator now sees the GDP declining by 3% to 3.5% this year, versus the previously projected 4-6% drop. In late April, it had expected the GDP to shrink 8-10%. The central bank forecasts the economy returning to growth in 2024-25. On Friday, the CBR also held its key interest rate at 7.5% after six cuts in a row,
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