According to Bloomberg, the contraction of the Russian economy in 2020 was much less than the contraction of the economies of other major countries.
The reason for this was the government’s decision not to reintroduce the lockdown regime, reports InoSMI.
According to experts Bloomberg, the Russian economy suffered most in the first half of 2020, when the government imposed a strict self-isolation regime and the demand for oil has dropped sharply due to the imposed restrictions on tourism. However, it is noted that in the second half of the year, the main areas of the economy worked as usual despite an increase in coronavirus infections.
“The contraction of the Russian economy in 2020 will be half that of the eurozone economy, which is forecast at 7.3 per cent. The price of oil, Russia’s main export commodity, has risen more than 40 per cent since the start of November and the Russian economy will grow by 3 per cent in 2021”, – Bloomberg analysts said.