The Russian economy may perform worse than the government expects this year, Russia’s Accounts Chamber head, Alexei Kudrin, warned. However, the contraction would be in line with the global forecast and not as deep as in Europe.
Both Russia’s Ministry of Finance and the Ministry of Economic Development earlier said that they expect the gross domestic product (GDP) – a major indicator of economic health – to decrease less than four percent in 2020 as the result of the coronavirus outbreak. The forecast does not take into account the second wave of Covid-19, which has already started, Kudrin said. According to the latest data, Russia is seeing a resurgence in coronavirus infections, with new daily cases rising from around 5,000 in September to over 10,000 in October.
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