Russia's economy will contract 16% in the second quarter, according to Bloomberg Economics. That would be the worst quarterly performance since at least the early 1990s.
Russia’s overall output shrunk by a quarter last month as the pandemic lockdown limited economic activity and slashed incomes, according to Bloomberg Economics estimates based on Finance Ministry data.
"With lockdown effects lingering through May, the decline in GDP in the second quarter is likely to be deeper than during the global financial crisis," said Scott Johnson, an analyst at Bloomberg Economics.
Bloomberg predicts record dop in Russia's GDP
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