Russia’s GDP decline could hit 12.4% this year, economy ministry document shows

2022.04.27 12:26

FILE PHOTO: A general view of the city skyline during sunset as the spread of the coronavirus disease (COVID-19) continues, in Moscow, Russia May 14, 2020. REUTERS/Maxim Shemetov

(Reuters) – Russia expects the economy to contract by 8.8% in 2022 in its base case scenario, or by 12.4% under a more conservative scenario, an economy ministry document showed on Wednesday, further evidence that sanctions pressure is taking its toll.

The conservative forecast is in line with that of former finance minister Alexei Kudrin, who said earlier this month the economy was on track to contract by more than 10% this year in its biggest decline in gross domestic product since 1994.

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