Russia says its GDP forecast is better than expected

Inflation will be weaker than expected three months ago, and the economic contraction also less than expected, according to Russia’s economy ministry on Tuesday, Al Jazeera reported. Russia’s invasion of Ukraine in February triggered unprecedented Western sanctions, throwing the energy-dependent economy into turmoil. But GDP is now expected to shrink by 4.2% in 2022, down from a forecast of 7.8% in May, and inflation has hit 13.4%, down from 17.5%.

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