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phase of trade negotiations as well as the further development of the coronavirus situation. At the moment, we estimate its influence as temporary. Third. Monetary

slowdown in the global economy, including due to the spread of the coronavirus and other factors. Core economic indicators Table 1 (growth, % YoY, unless indicated

production. Coal output declined due to lower demand in China amid the coronavirus outbreak. As a result, railway transportation, including exports of coal, ferrous metals

50 50 associated with trade 50 disputes have somewhat abated. Nonetheless, the coronavirus situation will be 40 an additional uncertainty factor over the next quarters.

of its segments rising amid favourable developments in international markets. However, the coronavirus outbreak in the second half of January entailed a decline in demand

of its segments rising amid favourable developments in international markets. However, the coronavirus outbreak in the second half of January entailed a decline in demand

demand amid a likely slowdown in global economic growth caused by the coronavirus and other external factors. CORE ECONOMIC INDICATORS Table 1 (growth, % YoY, unless

despite investors’ sluggish interest in EME assets amid the spread of the coronavirus, the portion of non-residents’ investment in OFZs in the accounts of foreign

financial markets, which may affect the exchange rate and inflation expectations. The coronavirus situation will be an additional uncertainty factor over next quarters. According to

phase of trade negotiations as well as the further development of the coronavirus situation. At the moment, we estimate its influence as temporary. Third. Monetary