World Bank predicts rapid recovery of Russia’s economy after pandemic
Russia can rarely boast of upbeat economic results in recent times. This is why any positive news on the economy really boosts investor confidence. Speculators were particularly surprised by the outlook of the World Bank for the Russian economy. The report states that Russia is likely to quickly rebound after the end of the pandemic.
The rapid return of economic indicators to the pre-crisis level is associated with the fact that they have been low even before the coronavirus outbreak. According to the calculations of the World Bank, in 2021, Russia’s GDP will reach 2.9%. Next year it will rise to 3.2%. In addition, the bank noted that in terms of financial losses, Russia has lost much less than many other countries during the pandemic. The fall in GDP was only 3.1% last year. The Russian government did not adopt stimulus bills to support citizens and the business sector, choosing a strategy of targeted financial assistance to certain categories of citizens. As a result, such a measure did not increase the burden on the financial system.
Experts believe that one of the most serious obstacles to economic recovery may be the lack of interest of the local population in vaccination. Despite the fact that Russia has been the first in the world to register a coronavirus vaccine, people are cautious about getting vaccinated. Undoubtedly, Sputnik V, along with the easing of quarantine restrictions, is one of the main catalysts of growth. The availability of the vaccine will probably help the country avoid a third wave of the pandemic but everything will depend on the results of vaccination.