Fitch Downgrades Forecast for Russia’s GDP Decline in 2020 to 5% From 3.3%

International rating agency Fitch downgraded its forecast for Russia’s GDP decline in 2020 to 5 percent from 3.3 percent expected in April.

The deterioration in forecasts for emerging economies is associated with worsening health crisis over the past month, the agency said.

Fitch’s assessment is in line with expectations of the Russian  Economic Development Ministry. Last week, the ministry reported that Russia’s GDP in 2020 is expected to fall by 5 percent, but will then grow by 2.8 percent in 2021.

Fitch also downgraded the forecast for global GDP decline this year to 4.6 percent from a 3.9-percent fall predicted in April.