Russia's Economy Ministry Predicts 2.7% GDP Growth In 2012

Umer Jamshaid Published September 26, 2020 | 08:14 PM

The Russian Ministry of Economic Development, in its latest report on the socio-economic outlook in the country published Saturday, took into account a protracted COVID-19 pandemic and continued economic pains around the world

MOSCOW (UrduPoint News / Sputnik - 26th September, 2020) The Russian Ministry of Economic Development, in its latest report on the socio-economic outlook in the country published Saturday, took into account a protracted COVID-19 pandemic and continued economic pains around the world.

The ministry estimates that Russia's GDP will fall by 3.9 percent over the course of 2020 and grow by 2.7 percent in 2021.

In various scenarios examined for the coming three years, the Russian economy can recover at an average annual GDP growth of around 2.5 to 2.9 percent.

Energy markets around the world will continue a tentative recovery over the coming years, even when factoring for continued cooperation of the OPEC+ nations on oil production. The ministry's prognosis stands that 2020's annualized average will be $41.8 per barrel with a estimated rise to $47.5 in 2023.