Dan Celia: Russia’s Oil Market Hit or Coronavirus Focus?
March 2, 2020
PHILADELPHIA— Russia is the latest country to revise economic forecasts due to the coronavirus impact being much deeper than originally anticipated. Nationally syndicated host and biblical investing authority Dan Celia says that Russia’s economic leaders should be more concerned about the uncertainty in the oil markets—on which their economy heavily depends.
“Russia will soon revise forecasts for its economy,” Celia said, “as the impact of coronavirus will be deeper than originally expected, Economic Minister Maxim Reshetnikov said on Monday. The Russian Ministry of Economic Development expected the Russian economy to grow by around 2% in 2020, up from 1.3% last year, before the coronavirus outbreak sent oil prices crashing and caused a sell-off in the Russian ruble and stocks. It’s nice that Russia has an excuse for their falling economy other than oil, but oil is going to be their biggest problem. Make no mistake about it.
“I understand that the coronavirus certainly will hurt their economic growth,” Celia continued, “but the best thing that could happen to Russia is for Bernie Sanders to get elected because one of the first things Bernie is going to do is outlaw the fracking industry which Russia and OPEC have tried to put out of business for years and gave up on about 3 years ago. Bernie could do wonders for the Middle Eastern and Russian economies. What might they do to get him elected?”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
Read more about Celia, FISM and “Financial Issues” or visit the FISM website, its Facebook page, on YouTube at Financial Issues with Dan Celia or on Twitter @financialissues; download the FISM app here.
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