Accounts Chamber head expects zero growth this year

The Russian economy will show growth close to zero in 2020, head of the Accounts Chamber Alexei Kudrin said.

As the oil price will most likely stand at $40 per barrel, the Russian economy will not be able to show any growth, he said.

Yet, if oil drops to as low as $35 per barrel, the situation will be much worse. Russia will suffer a shortfall of RUR 3 trn ($41.6 bln) in oil and gas revenues, which is a significant constraint, TASS writes.

According to Alexei Kudrin, the next two months will show which scenario for the global economy is more likely and whether the coronavirus risks disappear. The coronavirus situation also affects the global oil market, Kudrin emphasized.

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