Russian Ministry of Economic Development: global GDP to decrease to 4.5% in 2020

According to the forecasts of the Ministry of Economic Development of the Russian Federation for 2021-2023, this year’s global GDP will decrease by 4-4.5%.

In a significant number of countries, economic growth is constrained by the persistence of the Covid-19 restrictions. "At the same time, even in those countries where strict quarantine measures have been eased, restrictions continue to apply on the activities of entire industries that play an important role for the economies of some countries (tourism, air travel, public catering, leisure and entertainment)," the department explained, TASS reports.