IMF improves Russia’s GDP fall outlook to 4.1% in 2020

WASHINGTON, Oct 13 (PRIME) -- The International Monetary Fund (IMF) has improved its forecast for contraction of Russia’s gross domestic product (GDP) in 2020 to 4.1% from the previous estimate of 6.6%, the IMF said in the World Economic Outlook report released on Tuesday.

The GDP growth forecast for 2021 was reduced to 2.8% from 4.1%.

The IMF also improved its outlook on the global economy, and now it expects the combined global GDP to fall 4.4% in 2020 against the previous estimate of 4.9%. In 2021, the GDP is expected to grow 5.2% in 2021, down from 5.4% expected previously.

The fund also significantly raised its expectation for the average annual oil price by U.S. $5.51 per barrel to $41.69 per barrel this year and by $9.16 to $46.7 per barrel in 2021.

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