Russia’s Economy Shrunk by 3.1% in 2020

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(The Moscow Times)

President Vladimir Putin had hoped 2020 would present an opportunity to revive a stagnating economy.

Russia said Monday that its economy contracted by 3.1% in 2020 as the oil producing nation was hit by coronavirus lockdowns and a plunge in global crude prices.

The drop was less severe than Russian authorities had expected however, as the central bank had forecast a contraction of about 4.0%

The Rosstat statistics agency attributed the drop to “restrictions imposed to combat the coronavirus and the fall in global demand for energy resources.”

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