Fitch, the Russian GDP will collapse by 8%, as in the 1998 crisis

(ANSA) - MILAN, MARCH 21 - Fitch expects the Russian economy to "collapse in 2022" as a result of the sanctions that are "massively" damaging its banking system and its commercial relations and are pushing many multinationals to close their activities in Russian territory.

   The size of the contraction "is highly uncertain," says Fitch, and will depend "on both the length of the war and the sanctions."

The rating agency assumes a decline of 8% this year, followed by a -0.2% in 2023. It is, he warns, a contraction "comparable" to that of the 1998 crisis and the global financial crisis of 2007-2008.

(HANDLE).