Russia avoided critical economic contraction in face of coronavirus crisis – Putin — NY Pilot Business News

The coronavirus pandemic did not result in a critical slump for the Russian economy thanks to the assistance determines carried out by the federal government, President Vladimir Putin has actually specified.

Despite the troubles, all the macroeconomic indications stayed steady and the nation continued to carry out significant facilities jobs this year, the Russian leader stated throughout a conference with the federal government onThursday

“We prevented a critical contraction, which could have considerably set back the Russian economy,” he stated, including that the federal government carried out systemic assistance steps for crucial sectors. “We’ve managed to solve the issue of protecting the population in general.”

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Putin formerly stated that the federal government had actually invested 4.6 trillion rubles (around $62 billion) to support its residents and keep the economy afloat in the middle of the pandemic. The support steps for companies consisted of rescheduling tax payments, providing grants and unique terms for loans to name a few programs.

The Russian economy revealed a strong healing in the 3rd quarter, however is set to diminish this year. However, it is anticipated to do much better than the majority of European nations. According to the most current World Bank forecasts, Russia’s gdp is anticipated to fall 4 percent this year rather of the formerly expected five-percent drop. Meanwhile, EU GDP is anticipated to agreement by about 7 and a half percent in 2020, and the euro location economy is set to agreement by 7.8 percent.

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