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Goldman Sachs further downgrades its outlook for the Russian economy. The new 2022 GDP estimate is -10% from -7% previously indicated. Goldman in formulating the new estimate takes into consideration the additional sanctions against Russia as well as the most recent high-frequency data, in particular on port activities.
“About half of that reduction is due to the fact that shipping data suggests that Russia’s exports have stalled more strongly than we initially assumed and we now expect exports to decline by 20% in the second quarter of 2022 and 10. % for the year, “explains the US business house.