US unemployment rate to hit 16% as Kremlin sees economy contracting by 4 to 6%



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US unemployment rate to hit 16% as Kremlin sees economy contracting by 4 to 6%

Late on Friday, the 24th of April 2020, in latest vindication of a vivid demonstration of worsening global financial outlook due to the pandemic-driven forced closures, the Central Bank of Russia (CBR) had sharply downsized its macroeconomic forecasts for 2020 saying the transcontinental nation’s economic growth would likely to contract between 4 to 6%, while echoing an identical lead over a rapidly dipping indentation on global financial activities, a top US official was quoted saying on Sunday (April 26th) that the US economy would likely to witness an unemployment rate as higher as 16 per cent this year despite efforts to ease lockdowns in several US states.

As a matter of fact, Friday’s (April 24th) statement from the Central Bank of Russia had been the first official forecast from Kremlin underscoring the pandemic outbreak, which health experts in Moscow said could spread among a tenth of the city dwellers, alongside a sharp drop in crude oil prices over the narratives of a steep decline in demands and an overflooded crude market.

Meanwhile, adding that the Russ economic growth could be hit with a heavy whiplash over the second quarter and might experience a downturn of up to 8 per cent in GDP (Gross Domestic Product) compared to the same timeline a year earlier, the head of the Russian Central Bank Elvira Nabiullina said in a statement on Friday (April 24th), “Nevertheless, the economic recovery will be smooth, and even in the third or fourth quarters the drop that will be in the second quarter will not be won back.