CIS Countries Economic Forecast

Economic Snapshot for the CIS Countries

December 1, 2022

Russia-Ukraine War Economic Impact - Analysis & Special Reports

See our latest analysis in the Resources section

Economic Growth

Regional GDP will remain in recession in 2023, as war-related costs and international sanctions continue to hammer the Russian and Belarussian economies. Although activity across the rest of the region should expand, elevated inflation, higher interest rates and weaker investment will cap the upturn. Additional spillover from the war in Ukraine is the main downside risk.

Inflation Outlook

Regional inflation fell to an eight-month low of 14.0% in October (September: 14.7%). Pressures eased in Armenia, Belarus, Georgia and Russia, but they rose in Azerbaijan, Moldova, Kazakhstan and Ukraine. Regional inflation should decline in 2023, although the outlook remains volatile. Geopolitics, commodity prices and monetary policy trends are key factors to watch.

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