Nabiullina: the economy of Russia from the pandemic will be lower than in other countries

Losses of the Russian economy from the pandemic of coronavirus in 2020 will be smaller than in other countries. On Tuesday, 23 June, said the head of the Central Bank Elvira Nabiullina during a speech in the state Duma.

“Russia’s GDP this year will inevitably fall, unfortunately, as in other countries, but our losses are likely to be less than in many other countries, and less than in the last global crisis of 2007-2009, “—said Nabiullina.

She noted that the regulator expects the GDP decline for the year of 4-5%.

“This is also a very deep recession, but given the circumstances it’s still markedly less sensitivity to the global economic crisis“, — said the head of the Central Bank.

Last week, Nabiullina said that the recovery in demand will take a long time, and the full return of the Russian economy to indicators of 2019 will take place only in the first half of 2022-th.

The easing of restrictions on the coronavirus, according to published in early June the Central Bank forecast, will create conditions for the restoration of the Russian economy in the third quarter of 2020.

In late may, the Central Bank admitted that the Russian economy faced an unprecedented shock owing to the spread of coronavirus and unrest in the oil market.