Russian GDP to decline seriously due to coronavirus and sanctions

The European Commission expects Russia’s GDP to decline 5% in 2020 due to the consequences of the coronavirus pandemic, which is more than double the 2.3 % decline in 2015 caused by falling oil prices and Western sanctions.

This assessment is contained in the European Commission’s spring economic forecast published on Wednesday. In this outlook the EC revised its previous expectations for all countries downwards. The EC expects Russia’s economic growth to resume as early as 2021, at 1.5%, despite expectations that oil prices will remain low.