Russian real GDP to contract around 10% this year and another 2.5% in 2023 – BMO

It is true that Russia’s economy has held up better than initially thought say in early March. Nonetheless, the outlook for Russia’s economy remains grim with the country likely to experience a deep, multi-year recession, economists at the Bank of Montreal report.

Russian economy's long-term picture does not look pretty at all

“The Russian economy may not be imploding but its long-term picture does not look pretty at all, even if a mutually acceptable peace agreement is unexpectedly brokered.”

“For now, we are forecasting real GDP to contract around 10% this year and another 2.5% in 2023.”