Fitch worsens Russia’s 2020 GDP decline outlook to 5.8%

MOSCOW, Jun 29 (PRIME) -- International rating agency Fitch has worsened its outlook for Russia’s gross domestic product (GDP) decline in 2020 to 5.8% from 5% amid coronavirus and lower oil production, the agency said on Monday.

Fitch also raised its forecast for Russia’s GDP growth in 2021 to 3.6% from 3% and expects the Russian economy to grow 2% in 2022.

The Economic Development Ministry expects Russia’s GDP to fall 5% in 2020 and grow 2.8% in 2021, but the forecast has not been approved by the government yet.

The central bank projects Russia’s economy to decrease 4–6% this year and grow 2.8–4.8% next year.

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