IMF Revises Russia's Growth Forecast Downward From -5.5% To -6.6% - World Economic Outlook

IMF Revises Russia's Growth Forecast Downward From -5.5% to -6.6% - World Economic Outlook

The International Monetary Fund (IMF) on Wednesday downgraded its forecast for Russia's 2020 economic growth from -5.5 percent in April to -6.6 percent

WASHINGTON (Pakistan Point News / Sputnik - 24th June, 2020) The International Monetary Fund (IMF) on Wednesday downgraded its forecast for Russia's 2020 economic growth from -5.5 percent in April to -6.6 percent.

"The disruptions due to the pandemic, as well as significantly lower disposable income for oil exporters after the dramatic fuel price decline, imply sharp recessions in Russia (-6.6 percent), Saudi Arabia (-6.8 percent), and Nigeria (-5.4 percent)," the IMF said in its updated World Economic Outlook (WEO).

In 2021, the fund projects Russia's growth to increase from 4.1% from 3.5%.