According to the World Bank, further EU sanctions on Russia could significantly harm both sides. Russian government's revenue would decrease by 10 per cent of GDP. European gas prices would surge 50 per cent or about 0.15 percent of GDP. Ukraine situation is estimated to have eroded 1 percentage point of growth among low and middle-income countries in the Central and Eastern Europe. Forecast for economic growth in the developing world this year lowered from 5.3 per cent to 4.8 per cent. However, Global GDP growth is projected to gradually rise from 2.4 per cent in 2013 to 2.8 per cent in 2014, 3.4 per cent in 2015 and 3.5 per cent in 2016 due to better forecast for high-income economies. These economies are also projected to inject an additional $6.3 trillion to global demand over the next three years.
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27th April 2021