JRL NEWSWATCH: “Russia’s Economy Facing Worst Contraction Since 1994; GDP may shrink 12% on sanctions, internal forecast shows” – Bloomberg
“Russia is facing the deepest economic contraction in nearly three decades as pressure from [U.S. and allied] sanctions … mounts, according to [anonymous sources describing an unpublicized Russian Finance Ministry forecast, later publicly denied by the Finance Ministry]. [GDP reportedly] is likely to shrink as much as 12% this year, deeper than the 8% decline expected by the Economy Ministry. … The Bank of Russia … [on] April 29 … [predicted] a [2022] contraction between 8% and 10% …. The [IMF] forecast one of 8.5% … [A] Bloomberg survey of economists found a median decline of 10.3%. …”
Since the Kremlin’s current invasion of Ukraine, the Russian government has not made any public economic forecasts.
If the confidential forecast attributed to the Russian Finance Ministry came true, the result would undo nearly 10 years of Russian Federation economic growth.