BOFIT Forecast for Russia 2020-2022 / 1

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Title: BOFIT Forecast for Russia 2020-2022 / 1
Organization: Bank of Finland
Department / Unit: Institute for Economies in Transition (BOFIT)
Series: BOFIT Forecast for Russia
Series number: 1/2020
Year of publication: 2020
Publication date: 20.3.2020
Pages: 5
Subject (yso): talouskasvu; taloudelliset ennusteet; taloudellinen kehitys
Keywords: Bofit-kokoelma; Venäjä; Russia; taloudelliset katsaukset
Other keywords: Russia; forecast; economic development
Abstract: We have reduced substantially our forecast for Russian GDP growth to -1 % for this year due to notably lower commodity prices and a weakened outlook for the global economy. We expect Russian GDP to return to moderate growth next year. Higher government spending supports the economy. In the current situation risks are exceptionally large and Russia’s economic development can turn out considerably weaker if the global uncertainty caused by the corona pandemic is prolonged. Given the unlikely prospects for major structural economic reforms, Russia’s longer-term growth potential remains moderate.
Note: Published also in Finnish by the name BOFIT Venäjä-ennuste.

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