LONDON (Reuters) – JPMorgan said on Thursday it expected Russia’s economy to contract 35% in the second quarter and 7% in 2022 with the economy suffering an economic output decline comparable to the 1998 crisis. “A peak-to trough decline in Russian GDP is now expected at around 12%, comparable to 1998 (~10%) and 2008 (~11%) crises and COVID-19 shock (~9%)”, Anatoliy Shal at JPMorgan said in a note to clients. JPMorgan expected exports to decline around 13% this year, domestic demand about 10% and imports by around 30%. “What is clear though, is that Russia’s growing economic and political isol…