The war against Ukraine will damage Russia’s economy more than the 1998 default.
Wednesday, March 23, 2022

The war against Ukraine will damage Russia’s economy more than the 1998 default.

 As a result of the invasion of Ukraine, the Russian economy will shrink by 8% in 2022, compared with the 1998 default that cost the country a 5.4% reduction in GDP, reported the Fitch agency. In addition, the agency forecasts 18% Russian inflation this year – the highest rate the country has had since 2002. By 2023, the growth rate of prices will slow to 15%. The agency predicts that the Central Bank of the Russian Federation will further raise the prime rate to curb inflation, and this year the rate may rise to 25%. During the same period, world GDP will grow by 3.5% instead of the previously projected 4.2%, reported the Fitch agency.

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Five seaports in Ukraine are partially operational.

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