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Russia's GDP Decline Could Hit 12.4 Percent This Year

The decline is tied to its illegal actions in Ukraine

Russia expects the economy to contract by 8.8 percent in 2022 in its best case scenario, or by 12.4 percent under a more conservative scenario, an economy ministry document showed on Wednesday, further evidence that sanctions pressure is taking its toll.

The conservative forecast is in line with that of former finance minister Alexei Kudrin, who said earlier this month the economy was on track to contract by more than 10 percent this year in its biggest decline in gross domestic product since 1994.

The economy ministry expects Russia's economy to grow 1.3 percent in 2023, 4.6 percent in 2024 and 2.8 percent in 2025, the document showed. In the conservative scenario, the economy is seen contracting 1.1 percent.

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