Following the invasion of Ukraine, Russia's economy has been set back by four years in the first full quarter after the attack.
Due to its lost output, the gross domestic product (GDP) of the nation is now roughly equivalent to its size in 2018, according to Bloomberg Economics.
"The economy will move toward a new long-term equilibrium. As the economy undergoes a restructuring, its growth will resume."
- Alexey Zabotkin, Bank of Russia Deputy Governor
On Friday, the central bank predict that it will take until 2025 for the country's economy to return to its potential growth rate of 1.5%-2.5%.
The bank's projections for 2022-2024 remained unchanged, with GDP forecast to shrink 4%-6% this year and 1%-4% next year.
The report also included risk scenario where global economic conditions deteriorate further and more restrictions are placed on Russian exports.
