JPMorgan predicts a 35% contraction of Russian GDP in the second quarter of 2022 and a 7% recession for the whole of 2022 for the Russian economy, amid a rash of Western economic sanctions following the invasion of Ukraine.
Meanwhile, in a note to investors, JPMorgan noted that exports are expected to fall by 13%, domestic demand by 10% and imports by 30%.
According to the note, the variance of Russian GDP will reach -12%, which compares to the crises of 1998 (about -10%) and 2008 (about -11%) and the shock of the Covid-19 pandemic (about -9%).
(CNA)
CNA - Reuters
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