Kudrin predicted a decline in GDP in Russia to 8%

Kudrin predicted a decline in GDP in Russia to 8%
Kudrin predicted a decline in GDP in Russia to 8%
26 April 2020, 13:07EconomyPhoto: tass.ru
Alexey Kudrin, Chairman of the Accounts Chamber, admitted that Russia's GDP may fall by 7-8% this year, after which, after the peak of the crisis, the economy in the country will begin to recover and "will work fine".

The head of the Accounts Chamber said this on the television channel Russia-24.

"The International Monetary Fund also gives us more than a 5% drop, but I repeat - we are very strongly connected with the world. Therefore, the decline from 7% to 8% is probably today a clearer orientation, clearer numbers that you can focus on," - quotes TASS Kudrin.

According to Alexei Kudrin, “after the crisis or peak of the crisis,” the Russian “economy will work fine,” and the main difficulty for it will be “to survive this peak. It is unusual, deeper than in any ordinary crisis, even now a number of industries already lost 100% or 90% of their consumers, the demand for their products or services. "

According to the head of the Accounts Chamber, the most affected by the crisis were air transportation, taxis, restaurants and the service sector.

Meanwhile, on Friday, the Central Bank gave a more optimistic forecast for a decrease in GDP in the country this year - by 4-6% and also suggested the economic recovery after the abolition of the self-isolation regime. Next year, the Central Bank expects a recovery in the Russian economy by 2.8–4.8% (instead of 1.5–2.5% of the forecast previously against the background of the current year) and by 1.5–3.5% in 2022 (instead of 2-3%, as previously assumed). The regulator made a forecast based on the price of Urals oil at $ 27 per barrel this year, $ 35 per barrel next year and $ 45 per barrel in 2022.

On the same day, April 24, Boris Titov, the Presidential Commissioner for the Protection of the Rights of Entrepreneurs, suggested a drop in GDP of up to 20% if restrictive measures against coronavirus last for six months. At the same time, according to him, even if quarantine measures begin to soften, this does not guarantee a quick recovery of the business. Earlier, Boris Titov said that even a three-month downtime would already return the Russian economy to the early 1990s.

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