Market Updates
Russia's Economic Contraction to Exceed 10%
Brian Turner
12 Apr, 2022
New York City
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Russia's economy is expected to contract at least 10% in 2022 according to domestic news agency RIA. The decline in economic activities will be the largest since the fall of the Soviet Union in 1991. The economy expanded at 4.7% in 2021 and was estimated to grow in 2022 at 3% rate prior to the invasion of Ukraine. Russia is facing soaring inflation, Western sanctions, and capital flight.
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