“Russia’s economy may return to pre-crisis levels by autumn and overall gross domestic product growth this year could reach around 3.7%, Andrey Kostin, chief executive of the country’s second biggest bank VTB, said on Monday,” a Reuters article said. “The International Monetary Fund has praised Moscow’s efforts in tackling the economic effects of the COVID-19 pandemic, with an increase in borrowing and spending coupled with a soft monetary policy resulting in a GDP fall of 4%.”
“As commodities prices, the lifeblood of the Russian economy, are generally on the rise as a result of renewed demand, GDP growth is seen at around 3.7% this year, Kostin said during a virtual meeting of the World Economic Forum,” the article added.
January 21, 2021
Like the rest of the world, Russia is trying to weather the economic storm caused by the Covid-19 pandemic. However, the country’s officials are projecting positive GDP growth for 2021, which is a good sign for the
“Russia’s economy is recovering gradually after contraction amid the pandemic, Prime Minister Mikhail Mishustin said in a video address to participants,” according to a TASS Russian News Agency article. The article also noted that ” authorities expect sustainable growth of the economy as early as by the end of 2021.”
“The response of the Russian economy to the pandemic-related challenges was much more tepid than that of a whole number of economies in 2020, he noted,” the article said further.