Deloitte sees Russia’s economy falling 3.5% in 2020

MOSCOW, May 29 (PRIME) -- Russia’s gross domestic product (GDP) may fall 3.5% in 2020, hurt by consequences of the coronavirus pandemic, but the result is highly dependent on whether there will be a second wave of the disease, Managing Partner of Deloitte CIS Ian Colebourne said in an interview with PRIME released on Friday.

The forecast is more optimistic than a fall of 5% earlier projected by the Economic Development Ministry.

Colebourne said, “Our view of Russia is moderately positive, but it still envisages a 3.5% fall in GDP this year. The central bank is projecting a fall of 4–6%. We can also hear forecasts of a 7–8% decrease. (The result) will also depend on whether we have a second wave of coronavirus.”

“Such difficulties are not news for political and business leaders. We can see rising professionalism in dealing with challenges… Unlike in states, which have not encountered crises over the past 20 years, here there are people who know how to react. Besides, Russia’s macroeconomic metrics are better than during previous crises,” he added.

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