IMF expects 6.6% decline in Russian GDP in 2020

16:51, 24 June 2020
Photo: Liu Jie/Xinhua/Global Look Press

The International Monetary Fund (IMF) predicts that Russia's GDP will fall by 6.6% this year, but grow by 4.1% in 2021, according to fund's July Bulletin, published on Wednesday.

The document said that the Russian GDP outlook was downgraded by 1.1%, and improved by 0.6% for next year.

The fund's experts believe that the economic downturn in Russia and several other countries is associated with the coronavirus pandemic. Moreover, a sharp decline in fuel prices will reduce the revenues of oil exporters.

The IMF believes that the Russian ruble has 'weakened dramatically' since the beginning of this year, but rose in April. The list of currencies that showed an increase also includes the Austrian dollar, Norwegian krone, Indonesian rupee, South African rand, and Mexican peso.

In April, the IMF experts predicted a 5.5% drop in Russia's GDP due to the coronavirus spread. They expected the country to see economic growth of 3.5% in 2021, instead of 2% in line with the January outlook. reported earlier that, according to EBRD, Russia was set to record negative GDP growth of 4.5 percent in 2020.