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Central Bank expects Russia's GDP to decline 4-6% in 2020

The Russian economy is thereafter expected to follow a recovery path with growth predicted to total 2.8-4.8% in 2021, the regulator said

© Gavriil Grigorov/TASS

MOSCOW, April 24. /TASS/. The Bank of Russia expects a decrease in the country’s GDP by 4-6% in 2020 and its recovery growth in 2021-2022, the regulator said in a press release on Friday.

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Russian Central Bank cuts key rate to 5.5% per annum

"The Bank of Russia has substantially reviewed its baseline scenario parameters. GDP is forecast to decrease by 4-6% in 2020. The Russian economy is thereafter expected to follow a recovery path with growth predicted to total 2.8-4.8% in 2021 and 1.5-3.5% in 2022," according to the press release.

"The spread of the coronavirus pandemic in Russia and the restrictive measures in place to address it have combined with a drop in external demand and a further decline in the prices of oil and other export goods to make a substantial negative impact on economic activity. In this environment, Q2 GDP is set to decline," the regulator said.

"The pace of economic recovery will in large measure depend on the amount and efficiency of the Government and Bank of Russia’s measures aimed at mitigating the fallout from the coronavirus pandemic," the regulator added.

Earlier on Friday, the Bank of Russia reduced the key rate by 50 basis points at once for the first time since October 2019 to 5.5% per annum.

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