Economics
JPMorgan Warns Russia Faces 1998-Like Collapse in Economy
- Export earnings disrupted, imports set to buckle, analysts say
- Central bank sanctions, SWIFT cut-off have intensifed pressure
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Russia is on course for an economic collapse that will rival or even eclipse the size of the 1998 slump which followed its debt default, although the financial fallout may be less than then.
Days after President Vladimir Putin ordered troops into Ukraine, economists are starting to publish forecasts for what is currently the world’s eleventh largest economy, even though they warn the outlook is opaque and subject to revision.