Russia's economy will face a contraction of some 4.5-5.5 percent this year in light of the COVID-19 pandemic, but will rebound next year and show a growth of up to 4.5 percent, the Russian Central Bank said on Friday
MOSCOW (Pakistan Point News / Sputnik - 24th July, 2020) Russia's economy will face a contraction of some 4.5-5.5 percent this year in light of the COVID-19 pandemic, but will rebound next year and show a growth of up to 4.5 percent, the Russian Central Bank said on Friday.
"GDP will decrease by 4.5-5.5 percent in 2020. The Russian economy is thereafter expected to follow a recovery path with growth predicted to total 3.5-4.5 percent in 2021 and 2.5-3.5 percent in 2022," the Central Bank said in a statement.
In light of the weak external demand for exports and other risk factors, the Russian government and the Central Bank are implementing recovery measures such as the monetary policy easing and regulatory measures, among others, the bank added.
