News Russian central bank warns of economic slowdown amid coronavirus

Russian central bank warns of economic slowdown amid coronavirus

The coronavirus outbreak will result in a temporary but substantial decline in economic activity in Russia in the next few months, Russia’s central bank said on Monday.

The central bank had forecast economic growth of around 1.5-2.0% in 2020, but now joins several economists who have forecast that the coronavirus outbreak, coupled with the sharp drop in oil prices, will hit economic activity in Russia.

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