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Russia GDP (Q1 2020)

The slowdown in Russian GDP growth to 1.6% y/y in Q1 almost certainly failed to capture the extent of virus containment measures as the government did not implement lockdown measures until late-March. The outturn for Q2 will be much worse and with the virus outbreak not under control and fiscal support limited, the risk of a more sluggish economic recovery than we anticipate is rising.

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