Standard & Poor's lowered its forecast for Russia's 2022 GDP growth by more than 11 percentage points to a contraction of 8.5%, while the agency lowered its forecast for Poland. and Turkey by more than a percentage point due to the repercussions of the war in Ukraine.
The agency said its basic assumption is that the conflict will have the most severe impact on commodity markets, supply chains, and investor and consumer confidence in the first and second quarters of 2022.
Standard & Poor's suspended all products and services for customers in Russia and Belarus this March due to the war in Ukraine.
The agency cut its forecast for Russia to a contraction of 8.5% from its previous estimate of 2.7% growth, while the agency lowered its growth estimate for Poland by 1.4 percentage points to 3.6% and Turkey by 1.3 percentage points to 2.4%.
