S&P: It will take 10 years to restore Russian economy

In 2022, Russia's GDP will fall by 11.1%, and the country will need ten years to restore its economy to last year's levels amid sanctions, the S&P Global Market Intelligence said, Report informs via RBC.

According to S&P, in 2023, Russia will be able to slow down the decline in GDP to 1.9%. Growth is expected only in 2024 - by 1.6%. By 2026, GDP will grow by 1.9%.

Meanwhile, the country's inflation will rise to 17.8% this year, 10% in 2023, and 7.5% in 2024. By 2026, inflation will drop to 4.6%.

The International Monetary Fund (IMF) expects Russia's GDP to decrease by 8.5% according to the current year's results, and in 2023 this decline will be 2.3%. The fund predicts inflation in Russia to reach 21.3% this year and 14.3% in 2023.