Few countries will manage to escape the economic fallout of Russia’s war, though annual growth forecasts have increased for Argentina, Brazil and Saudi Arabia
reckons its pariah status will cause its economy to contract by 10%, compared with their initial assessment of 2.6% growth. Ukraine’s economy is expected to suffer an even more severe blow. The World Bank estimated in April that it will contract by 45% this year (theOther countries are also feeling the squeeze. Thecountries. Germany’s is down by two percentage points from the initial estimate, to 1.
3% this year—mostly because of disrupted supply chains and the country’sSome countries will manage to buck the trend. Saudi Arabia’s revised forecast rose by three percentage points to 7.5%—the highest in the. Its oil revenues have soared, thanks to rising commodity prices. Meanwhile, the annual growth forecasts for Argentina and—two of Latin America’s largest grain producers—have increased by 1.3 and 1.2 percentage points respectively.
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