Page 44 - RusRPTOct20

3.2 ​Macro outlook
Russia's economy could contract by less than 4% in 2020, ​Finance Minister Anton Siluanov said on September 24, an improvement on previous assessments and a positive sign for an economy bruised by low oil prices and the COVID-19 pandemic.
Speaking at a financial forum in Moscow alongside Central Bank Governor Elvira Nabiullina, Siluanov warned against excessive borrowing to finance Russia's economic recovery.
The debt-to-GDP ratio will reach nearly 20% in 2021 and must not increase further, Siluanov said.
And at a time when Russia is facing the real threat of additional sanctions over the suspected poisoning of Kremlin critic Alexei Navalny, Siluanov sought to woo foreign investors, attracted to Russia's OFZ treasury bonds thanks to their relatively attractive yields.
Recovery is now expected to continue for the rest of this year, albeit slower than the initial sharp rebound​. Due to the sharp drop in
44 ​RUSSIA Country Report​ October 2020 ​ ​www.intellinews.com