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Other CategoriesMoscow, July 6 (reporter Wang Xiujun) on the 6th, the World Bank released a latest report on Russia's economy. Russia's economy will recover at a moderate rate between 2021 and 2022, the report said.
Affected by the epidemic, Russia's GDP (gross domestic product) will drop by 6%, total household consumption will drop by 4.9% and total investment in fixed assets will drop by 8%, according to the report. Without the impact of the second wave of epidemic, Russia's GDP growth will reach 2.7% by 2021 and 3.1% by 2022. With the reduction of uncertainty, household demand will become the main driving force of Russian economic growth in the future.
Sanghi, chief economist of the world bank, told the media on the same day that we think the Russian economy may recover from the second half of 2020. However, considering the second wave of epidemic situation and the extension of isolation measures, Russia's economic recovery should be postponed to the first half of 2021.
Seligmann, representative of the world bank in Russia, told the media on the same day that Russia's economic policies in the past few years have enabled it to properly cope with the crisis brought about by the new coronavirus epidemic from the perspective of the proportion of debt to GDP, the size of state welfare funds and the floating exchange rate.
Seligmann said Russia has been focusing on support measures, which account for about 4% of Russia's GDP. Russia's measures to support economic development and people's livelihood in the context of the epidemic have helped to prevent the aggravation of poverty. If the Russian government has not taken measures to deal with the epidemic crisis since January this year, the poor population in Russia will increase significantly. Russia has coped with the crisis better than many countries with similar economic conditions.
Seligmann also stressed that at present, 15% to 20% of Russia's population is engaged in informal work, and they cannot enjoy the support policy. The epidemic has provided an opportunity for the reform of Russia's social welfare system. Increasing Russia's support for families with children is a step in the right direction, but it is not enough.
Previously, Fitch, an international rating agency, estimated that Russia's GDP growth would be negative 5.8% to 5% in 2020, and Russia's economic growth rate would reach 3.6% in 2021.
Since the outbreak of the epidemic, Russia has issued a number of supporting policies, including tax cuts, tax rebates, increasing unemployment assistance, and providing subsidies to families with children.
At present, the new epidemic situation in Russia is in a stable state. According to the new coronavirus epidemic prevention and control headquarters of Russia on the 6th, 6611 new cases of new coronavirus infection have been reported in Russia in the past day, with the cumulative number of infected people exceeding 687000.
