America’s largest bank: We made a mistake about the Russian economy

In a note to its customers, JP Morgan Bank said in a note to its customers that Russia’s economy was better than expected with Western sanctions against Ukraine over Ukraine.

According to the big announcement Most The US Investment Bank, a trade-off poll in the country, “does not show a very deep recession in Russia, and as a result, the bank’s forecasts for Russia’s economic growth will be reversed.”

The bank also cited some indicators, such as electricity consumption and financial flows, which show that the country’s economy is in a better position than forecast.

The analysts said in a note: “Therefore, the available data do not indicate a sudden decline in activity; “At least that is the case now.”

JP Morgan also made its initial forecast of a 35% decline gross production Russia’s interior retreated in the second quarter, down 7 percent throughout 2022, and said the figures were likely to be much less worrisome.

However, the bank noted that the impact of current and potential sanctions would be significant, and that the economy would be much better off if Moscow did not launch military operations in Ukraine.

“We expect the impact of sanctions to continue in the coming seasons,” the bank analysts predicted. So, it seems, perspective gross production “Domestic is likely to have declines but not a severe recession.” Of course, they pointed to the decline in exports.

Russia has faced unprecedented sanctions from Western countries since launching military operations in Ukraine. The United States has banned the purchase of Russian oil, and the European Union is preparing a sixth package of sanctions against Russia; It is also considering sanctions on Russian oil.

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