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Energy sanctions on Russia may cause 17% GDP drop by 2023-IMF chief economist

WASHINGTON, April 19 (Reuters) - A tightening of Western sanctions against Russia to target energy exports over its war in Ukraine would cause a significant further drop in Russia’s economic output by as much as 17% by 2023, the International Monetary Fund’s chief economist Pierre-Olivier Gourinchas said on Tuesday.

Gourinchas told a news briefing said the Fund’s current forecast is for an 8.5% contraction in Russian GDP for 2022.

“So the sanctions already have a very significant impact on the Russian economy and they could have an even larger impact if they are tightened further,” he said. (Reporting by David Lawder Editing by Chizu Nomiyama and Alistair Bell)

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