Fitch upgrades Russia’s growth outlook, projecting economic activity surge

International ratings agency Fitch has improved its outlook for the growth of the Russian economy in 2021 from 3% to 3.3%. Higher oil prices helped to improve the forecast, it said.

“The second wave of Covid-19 negatively impacted economic activity at the beginning of the year,” the agency’s analysts said.

Fitch expects economic activity to rise in the country from the second half of 2021 due to a partial recovery of investments and the vaccination of citizens.

At the same time, the ratings agency kept its forecast for Russia’s GDP growth in 2022 unchanged at 2.7%, as it expects that next year will compensate for the economic downturn in 2020.

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