Russia’s economy won’t recover to pre-war levels before the end of this decade as it reels from Putin’s invasion of Ukraine and ensuing sanctions.
That’s according to Scope Ratings, which forecast that by the end of 2023 GDP will be about 8pc below where it was in 2021.
After 2023, potential growth will drop to between 1pc and 1.5pc a year from the 1.5pc to 2pc achieved before the war, the agency said.
According to the report, seen by Reuters, heavy spending on the faltering war effort, limited access to western technology and negative demographic trends will all continue to hurt Russia’s economy.
Levon Kameryan, an analyst at Scope, said: “The Russian government, helped by the Bank of Russia, has used windfall export revenues to mitigate the immediate domestic economic…
