The International Monetary Fund cut its forecast for Russia’s economy, citing the standoff with the U.S. and Europe over Ukraine, as the government in Moscow warned this year’s growth may slow to the least since a 2009 recession.
Russia’s economy is on the brink of a technical recession this quarter after gauges of manufacturing and services showed that seasonally adjusted output probably shrank between January and March for the first time since 2010.
TCS Group Holding Plc, owner of Russia’s third-largest card issuer, fell the most in four months in London after JPMorgan Chase & Co. said the company may boost its bad-debt provision amid forecasts of economic slowdown.
TCS Group Holding Plc, owner of Russia’s third-largest card issuer, fell the most in four months after analysts said the company indicated at a meeting today that it may boost bad-debt provisions as growth slows.
Russia’s central bank won’t cut its key rate until at least a meeting in June, Chairman Elvira Nabiullina said, acknowledging the threat of missing forecasts for inflation, economic growth and capital outflows this year.
Russia’s standoff with the U.S. and the European Union over Ukraine poses a threat to a global economy that’s already “too weak for comfort,” International Monetary Fund Managing Director Christine Lagarde said.