The Russian economy will continue to grow despite sanctions thanks to higher-than-expected energy revenues, the World Bank said in its latest Global Economic Prospects report on Tuesday.

The country’s growth is expected to turn positive in 2024, but will remain modest at 1.2%.

According to the outlook, output is expected to be 0.2% lower this year, which is a 3.1 percentage point upgrade from the bank’s January forecast.

“This change mainly reflects the unexpected resilience of oil production and higher-than-expected growth momentum from 2022,” the World Bank stated. It noted that in the face of Western sanctions, Moscow has altered the destination of its oil exports “without a material change in volume.”

https://www.rt.com/business/577583-russian-economy-growth-energy/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

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