International rating agency Moody’s expects Russia’s gross domestic product (GDP) to drop by 5.5 percent in 2020 as the pandemic has resulted in the near-shutdown of the global economy.
The agency has sharply lowered its forecast for the Russian economy since its previous report released at the end of March. At that time, Russia’s national GDP was expected to grow 0.5 percent this year. A gradual recovery is likely to see Russian GDP pick up by 2.2 percent in 2021, the agency said in its report on Tuesday, as cited by Russian media.
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