EU upgrades economic outlook for Russia ...News

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EU upgrades economic outlook for Russia
The GDP contraction in the sanctioned country is expected to be much less than previously predicted The European Commission has improved its outlook for Russia’s economy in 2023 in its latest Economic Forecast published on Monday. According to the document, Russia’s gross domestic product (GDP) is still expected to decline, but only by 0.9% compared to the 3.2% contraction the commission predicted last fall. “The EU’s diversification of gas supplies away from Russia coupled with its embargo on seaborne oil and refined oil products, are expected to hinder export recovery as Russia is unlikely to fully replace lost

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