Fitch predicts a record drop in Russian economy due to war in Ukraine

Because of the war in Ukraine, the Russian economy will suffer large losses than due to default in 1998, korrespondent.net reports with reference to the Fitch Ratings rating agency forecast.

So, against the backdrop of record financial and economic sanctions against Russia, the country’s economy may fall by 8%. At the same time in 1998, default led to Russia’s GDP fall by only 5.4%.

Consumer inflation in Russia, according to Fitch Ratings, by the end of 2022 will be 18%. In addition, the decline in foreign investment in Russia is predicted against the background of exiting the country an increasing number of international companies.