Putin's war in Ukraine hurls Russia's economy back four years in one quarter

Thanks to Vladimir Putin\u0027s war, Russia is on track for one of the longest downturns on record. Find out more.

, an economy that was picking up speed at the start of 2022 swung into a contraction during the second quarter. Data due on Friday will show gross domestic product shrank for the first time in over a year, dropping an annual 4.7 per cent, according to the median forecast of 12 analysts surveyed by Bloomberg.“The economy will shed four years of growth, returning to its 2018 size in the second quarter.

The Bank of Russia acted to contain the upheaval in markets and the ruble with capital controls and steep hikes to interest rates. Enough calm has returned to roll back many of those measures.

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