BOFIT Forecast for Russia 2020–2022 / 2

Abstract

With the coronavirus pandemic and drop in global commodity prices proving more severe than foreseen in the baseline of our March forecast, we have substantially lowered our outlook for Russian GDP growth. The Russian economy is now expected to contract by 4 % this year and return to moderate growth next year. Russia’s economic prospects remain uncertain as the on-going pandemic and commodity markets could see turns for the worse.