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Goldman, Barclays Cut 2022 Russia Outlook, See Double-Digit Drop

Economists from Barclays Plc and Goldman Sachs Group Inc. lowered their forecasts for Russia and now see a double-digit contraction in output this year, the latest in a batch of revisions that reckon with the increased severity of sanctions over the invasion of Ukraine. 

Barclays released one of the most downbeat views yet, reversing its previous calls for growth and predicting a contraction of 12.4% in 2022 and a further decline of 3.5% the following year. Goldman downgraded this year’s forecast and now expects a slump of 10%, from a 7% drop seen earlier.