(MENAFN- Trend News Agency)
Russia's budget deficit will stand at half a percent of GDP in
2022 and rise to 1.5% of GDP in 2023, according to Spring 2022
Economic Forecast released by the European Commission (EC) on
Monday, Trend reports with reference to TASS .
'A projected small deficit of 0.5% of GDP in 2022 is set to
widen to 1.5% of GDP in 2023 as easing commodity prices and limited
Russian ability to export them curtails revenues,' the document
said.
The EC also projects that public debt-to-GDP ratio will increase
moderately due to declining GDP. 'However, at less than 16% of GDP,
it is set to remain much lower compared to other emerging market
and advanced economies,' the forecast said.
Moreover, uncertainties are atypically large in the current
circumstances, the authors of the forecast noted.
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