Moody's downgrades forecast for Russia's economic development
Moody’s, the American rating agency, has lowered the forecast of the Russian GDP to 2.5%. This is according to press release by Moody’s, as reported by the RBC news agency on the 18th of February. The previous forecast had assumed a 1% decline in the GDP.
Moody’s has also adjusted the forecast of Brazil’s GDP to 3%, Saudi Arabia’s GDP to 1.5% and South Africa’s GDP to 0%. According to Moody’s, the reason for changing the forecasts of the main oil-producing countries, such as Saudi Arabia and Russia, was a decline in the oil prices as well as the tightening of the fiscal policy for the containment of the dynamics of public debt.
On the 17th of February, the rating agency of Standard and Poor’s had reiterated Russia’s junk rating of BB+ with a negative forecast. The reasons for this, according to experts, are the low oil prices and the current international sanctions.