By Erik Norland
At a Glance
- Low inflation and a stable currency may allow for further rate cuts in Russia.
- Russia's yield curve might offer clues to the country's recovery.
The global economy has been hard hit by coronavirus lockdowns, and Russia is no exception. The International Monetary Fund forecasts a 5.5% contraction of Russia's growth in 2020, which would be the economy's worst performance since the 7.8% contraction in 2009.
Unlike the downturns that came on the heels of oil price declines in 2008-09 and 2014-15, this time around, Russia's central bank is reacting