World Bank expects Russia’s GDP to contract by 6% in 2020

World Bank expects Russia’s GDP to contract by 6% in 2020

The World Bank has worsened its outlook for the global economy in 2020, including worsening of the forecast for Russia’s gross domestic product (GDP) to a 6% contraction this year from a fall 1%, the World Bank said in its Global Economic Prospects for June.

"Economic activity in Russia is expected to contract by 6% in 2020, reflecting a sharp rise in the local cases of COVID-19, as well as OPEC+ production cuts and collapse of the oil prices," the report reads.

Russia’s GDP will grow by 2.7% in 2021, up from 1.6% expected previously.

In general, the bank expects the global economy to contract by 5.2% this year, down from a 2.5% growth expected earlier, showing a record contraction since World War II due to the coronavirus pandemic. The global economic forecast for 2021 was upgraded to a 4.2% growth from a 2.6% increase.

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