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WorldAsiaThe European Commission has improved its forecasts for the dynamics of the Russian and Chinese economies

The European Commission has improved its forecasts for the dynamics of the Russian and Chinese economies

The European Commission has published economic forecasts for 2023-2024, which indicate that the decline of the Russian economy by the end of the current year will be 0.9%, and next year the domestic product the country’s crude oil will enter the growth stage, which will reach 1.3%.

According to the EC’s autumn forecast, by the end of this year the decline of the Russian economy was supposed to be 3.2%, while in 2024 the European Commission forecast a more moderate growth of 0, 9%.

Also, the EC in an updated forecast says that inflation in Russia in 2023 will be at the level of 6.4%, and in a year – 4.6%. And unemployment in our country, according to the highest executive body of the European Union, will reach 3.7% in 2023 and 4% in 2024. Before that, the European Commission predicted that unemployment in the Russian Federation would be 4 .5% in 2023 and 4.6% in 2024.

According to the authors of the forecast, public investment will also support the modernization of the national production infrastructure, while the current fiscal stimulus will fully offset most of the negative changes in the Russian economy.

According to the published document, the economy of the People’s Republic of China will become the fastest growing major economy in the world. The EC expects Chinese GDP growth to reach 5.5% this year and 4.7% in 2024. It should be noted that in the autumn forecast, the European Commission assumed a growth in Chinese economy at 4.5% in 2023 and the same 4.7% in 2024.

Earlier it became known that the Central Bank of the Russian Federation expects the Russian economy to grow in the second quarter of 2023 by 4.2% in annual terms. According to the regulator, in the first quarter, the decline in the country’s GDP amounted to 2.3%. The Ministry of Economic Development gave earlier estimates of a drop in the indicator of 2.2%. The Central Bank of the Russian Federation also noted that the bulk of the processes of adapting the economy to new realities will be completed in 2025.

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