We've increased our 2025 GDP growth forecast for Russia by 0.2ppts to 2.0%, given evidence that the economy was still expanding above the long-term trend in Q1. In 2024, the economy grew by 4.1%, but this year, tight monetary policy and a more restrictive fiscal stance will gradually dampen growth. The commencement of negotiations between the US, Russia, and Ukraine has been positive, but fighting continues.
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