Russia now faces slower growth than the west
Annual GDP growth, 2022 to 2024 actual, 2025 IMF estimate, 2026 IMF forecast
-2%
0%
2%
4%
2022
-1.4%
Russia
+2.5%
US
UK
Russia’s economy
shrank when
sanctions hit...
France
Germany
2023
+4.1%
Russia
+2.9%
US
UK
France
Ger.
...but it rebounded,
outpacing the west
2024
+4.3%
Russia
+2.8%
US
UK
France
Ger.
Now, Russia’s
economy has
begun to stagnate
2025
estimate
+0.6%
Rus.
+2.8%
US
UK
Fra.
Ger.
2026
forecast
+0.8%
Rus.
+2.1%
US
UK
In 2026, growth
is forecast to be
lower than
in the west
Fra.
Ger.
-2%
0%
2%
4%
-2%
0%
2%
4%
2022
-1.4%
Russia
+2.5%
US
UK
Russia’s economy
shrank when
sanctions hit...
France
Germany
2023
+4.1%
Russia
+2.9%
US
UK
France
...but over the next two years
it rebounded, outpacing
economies in the west
Ger.
2024
+4.3%
Russia
+2.8%
US
UK
France
Ger.
Now, Russia’s
economy has
begun to stagnate
2025
estimate
+0.6%
Rus.
+2.8%
US
UK
Fra.
Ger.
2026
forecast
+0.8%
Rus.
+2.1%
US
UK
In 2026, growth
is forecast to be
lower than
in the west
Fra.
Ger.
-2%
0%
2%
4%
-2%
0%
2%
4%
2022
-1.4%
Russia
+2.5%
US
UK
Russia’s economy
shrank when
sanctions hit...
France
Germany
2023
+4.1%
Russia
+2.9%
US
UK
France
...but over the next two years
it rebounded, outpacing
economies in the west
Ger.
2024
+4.3%
Russia
+2.8%
US
UK
France
Ger.
Now, Russia’s
economy has
begun to stagnate
2025
estimate
+0.6%
Rus.
+2.8%
US
UK
Fra.
Ger.
2026
forecast
+0.8%
Russia
+2.1%
US
UK
In 2026, growth
is forecast to be
lower than
in the west
France
Ger.
-2%
0%
2%
4%
-2%
0%
2%
4%
2022
-1.4%
Russia
+2.5%
US
UK
Russia’s economy
shrank when
sanctions hit...
France
Germany
2023
+4.1%
Russia
+2.9%
US
UK
France
...but over the next two years
it rebounded, outpacing
economies in the west
Germany
2024
+4.3%
Russia
+2.8%
US
UK
France
Ger.
Now, Russia’s
economy has
begun to stagnate
2025
estimate
+0.6%
Rus.
+2.8%
US
UK
France
Ger.
2026
forecast
+0.8%
Russia
+2.1%
US
UK
In 2026, growth
is forecast to be
lower than
in the west
France
Germany
-2%
0%
2%
4%
-2%
0%
2%
4%
2022
-1.4%
Russia
+2.5%
US
UK
Russia’s economy
shrank when
sanctions hit...
France
Germany
2023
+4.1%
Russia
+2.9%
US
UK
France
Ger.
...but it rebounded,
outpacing the west
2024
+4.3%
Russia
+2.8%
US
UK
France
Ger.
Now, Russia’s
economy has
begun to stagnate
2025
estimate
+0.6%
Rus.
+2.8%
US
UK
Fra.
Ger.
2026
forecast
+0.8%
Rus.
+2.1%
US
UK
In 2026, growth
is forecast to be
lower than
in the west
Fra.
Ger.
-2%
0%
2%
4%
-2%
0%
2%
4%
2022
-1.4%
Russia
+2.5%
US
UK
Russia’s economy
shrank when
sanctions hit...
France
Germany
2023
+4.1%
Russia
+2.9%
US
UK
France
...but over the next two
years it rebounded,
outpacing the west
Ger.
2024
+4.3%
Russia
+2.8%
US
UK
France
Ger.
Now, Russia’s
economy has
begun to stagnate
2025
estimate
+0.6%
Rus.
+2.8%
US
UK
Fra.
Ger.
2026
forecast
+0.8%
Rus.
+2.1%
US
UK
In 2026, growth
is forecast to be
lower than
in the west
Fra.
Ger.
-2%
0%
2%
4%
-2%
0%
2%
4%
2022
-1.4%
Russia
+2.5%
US
Russia’s economy
shrank when
sanctions hit...
UK
France
Germany
2023
+4.1%
Russia
+2.9%
US
UK
France
...but in the next two
years it rebounded,
outpacing the west
Ger.
2024
+4.3%
Russia
+2.8%
US
UK
France
Now, Russia’s
economy has
begun to
stagnate
Ger.
2025
estimate
+0.6%
Rus.
+2.8%
US
UK
Fra.
Ger.
2026
forecast
+0.8%
Russia
+2.1%
US
UK
In 2026, growth
is forecast to be
lower than
in the west
France
Ger.
-2%
0%
2%
4%
-2%
0%
2%
4%
2022
-1.4%
Russia
+2.5%
US
UK
Russia’s economy
shrank when
sanctions hit...
France
Germany
2023
+4.1%
Russia
+2.9%
US
UK
France
...but over the next two years
it rebounded, outpacing
economies in the west
Germany
2024
+4.3%
Russia
+2.8%
US
UK
France
Ger.
Now, Russia’s
economy has
begun to stagnate
2025
estimate
+0.6%
Rus.
+2.8%
US
UK
France
Ger.
2026
forecast
+0.8%
Russia
+2.1%
US
UK
In 2026, growth
is forecast to be
lower than
in the west
France
Germany
-2%
0%
2%
4%