EBRD Report: Contrasting Growth Prospects for Eastern Bloc Economies

The Russian economy is defying expectations and is expected to grow by 1.5% this year, despite the ongoing war in Ukraine and Western sanctions. The European Bank for Reconstruction and Development (EBRD) attributes this resilience to rising oil prices and Russia's ability to export to new markets, such as China and India. However, an eventual slowdown is still predicted. The EBRD also forecasts 1% growth for Ukraine this year, while overall economic growth in central, eastern, and south-eastern Europe and Asia is projected to be 2.4%, thanks in part to the relocation of Russian companies and increased imports from the European Union.