Russian economy’s growth rates may drop to zero in 2020 — Accounts Chamber

Russian economy’s growth rates may drop to zero in 2020 — Accounts Chamber

Economic growth rates in Russia may decelerate to zero under the current macroeconomic indicators, head of the Accounts Chamber Alexei Kudrin said on Thursday, TASS reports.

"Economic growth rates will be close to zero in this year. Accordingly, values of all other indicators will be lower," he said.

The Russian budget may not receive 3 trillion rubles ($39.8 bln) of oil and gas revenues against the oil price of $35 a barrel and the US dollar rate of 72 rubles, Kudrin said.

"If we target current figures: the [oil] price of approximately $35 [a barrel] and the [dollar] rate of about 72 rubles, then we will not receive around 3 trillion rubles ($39.8 bln) of oil and gas revenues. Accordingly, the budget deficit can be slightly less than 2% of GDP this year," he said.

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