OREANDA-NEWS. American credit rating agency Fitch halved the forecast for Russia’s economic growth in 2020. If in December last year, experts believed that in 2020 Russia’s gross domestic product would grow by 2 %, now they do not expect increase of more than 1 %.

The change is explained with expectations of weak economic growth in China, global economic downturn and fall of world oil prices. Analysts expect a slowdown in growth in the first half of 2020, as lower oil prices, a weaker rouble and worsened demand for goods exported from Russia reduce investment.

At the same time, the agency predicts economic growth in the second half of 2020 due to increase in capital expenditures of Russian government. At the same time, Fitch believes that the growth rate of consumer lending will slow down due to the depreciation of rouble and rising inflation, which will negatively affect real income of citizens and their expenses.