Medvedev spoke about the triple impact of coronavirus on the Russian economy
Coronavirus in 2020 were dealt a triple blow to the Russian economy. This was stated by Deputy Chairman of the security Council, Dmitry Medvedev, in an article for the journal “Russia in global politics”.
According to him, the country simultaneously faced a drop in oil prices because of declining demand, the effects of internal constraints because of the epidemic and a decline in foreign demand for Russian goods due to the global recession.
He pointed out that Russia will not be able to avoid the recession. The country’s GDP will shrink by 5 percent for the year, real incomes will decline by 3.8 percent, and unemployment reaches highest in almost a decade to 5.7 percent. However, in 2021, as predicted by Medvedev, the economy can adapt to new conditions.
Medvedev said that in case of a new wave of the epidemic of coronavirus negative effect for the global economy will be comparable to the effects of the Second world war. He cited data from the international monetary Fund (IMF), according to which the world economy will shrink by 3 percent in 2020. For comparison, the maximum annual reduction in global GDP during the global financial crisis of 2008-2009 amounted to 0.1%.