Moody’s worsens outlook on global GDP, keeps forecast for Russia

MOSCOW, Aug 31 (PRIME) -- International rating agency Moody’s has kept its Russia’s gross domestic product (GDP) forecast at a 7% contraction in 2022 and 3% in 2023, but downgraded the global GDP growth forecast to 2.5% from 3.1% in 2022 and to 2.1% from 2.9% in 2023, the agency said in a report on Wednesday.

The agency’s forecasts for increases of GDPs of other countries were also reduced. For the U.S., it was cut to 1.9% from 2.8% in 2022 and to 1.1% from 2.9% in 2023, for the Eurozone it was maintained at 2.5% in 2025 but decreased to 0.3% from 2.3% in 2023, and for China to 3.5% from 4.%% in 2022 and to 4.8% from 5.3% in 2023.

Moody’s also expects inflation in Russia to amount to 14.1% in 2022 and to 6.9% in 2023, in the U.S. to 7% in 2022 and to 2.3% in 2023, and in China to 3% in 2022 and to 2.5% in 2023.

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