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World Bank Sees 2021 Growth, but Risks to Banks Remain

RUSSIA
  • World Bank sees Russia FY20 growth at -4.0% after corporate profits declined 40% YoY in the first 9-months
  • 2021 GDP to rise 2.6% YoY - allowing authorities to enact a more gradual fiscal consolidation than currently planned
  • Rebound in consumption from monetary easing & improved confidence to be the main growth driver in 2021 and 2022
  • warns pre-existing vulnerabilities such as a high share of NPLs & uncertainty about the length of the second wave and associated economic costs suggests that the worst still may lie ahead for Russian banks - RTRS
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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