IMF Revises Russia’s Growth Forecast Downward From -5.5% to -6.6% – World Economic Outlook

The International Monetary Fund (IMF) on Wednesday downgraded its forecast for Russia’s 2020 economic growth from -5.5 percent in April to -6.6 percent.

“The disruptions due to the pandemic, as well as significantly lower disposable income for oil exporters after the dramatic fuel price decline, imply sharp recessions in Russia (–6.6 percent), Saudi Arabia (–6.8 percent), and Nigeria (–5.4 percent),” the IMF said in its updated World Economic Outlook (WEO).

In 2021, the fund projects Russia’s growth to increase from 4.1% from 3.5%.