16 Sep 2020 12:50

OECD improves 2020, worsens 2021 Russian GDP outlook

PARIS. Sept 16 (Interfax) - The Organization for Economic Cooperation and Development (OECD) has improved its 2020 GDP outlook for Russia but worsened its 2021 forecast.

According to the new forecast, Russia's GDP will fall 7.3% this year but grow 5% next.

The OECD in June released two possible economic forecasts, prompted by the unusually high level of uncertainty in the world due to the Covid-19 infection.

The first version of the forecast envisaged a situation where the virus will continue abating and will remain under control. In this scenario, the OECD is forecasting a reduction in Russia's real GDP in 2020 of 8% and growth of 6% in the following year.

The second version of the forecast envisages a second wave of the virus later in 2020. In this situation, Russian GDP is expected to decline by 10% in the current year and rise 4.9% in 2021.