icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
10 Sep, 2020 13:24

Russian economy recovering from pandemic impact – Putin

Russian economy recovering from pandemic impact – Putin

The Russian economy has withstood the damage of coronavirus-related restrictions better than other leading economies, and the country has been gradually recovering since June, Russian President Vladimir Putin said on Thursday.

“Many specialists and experts say today that the most acute phase of the crisis has passed. Indeed, economic recovery started in June in Russia, though the recovery of business activity is uneven so far, that is true,” he said.

According to the president, Russia’s GDP fell 8.5 percent in the second quarter of the year, compared with a 9.5 percent decline in the US and the eurozone’s 15 percent plunge.

“To a certain extent, of course, this is connected, as some experts say, with the structure of our economy, but it’s not only that. It is also obvious that the government’s targeted, well-thought-out and, most importantly, timely measures to support labor, enterprises, and entire industries played their role,” said Putin.

Also on rt.com Russia on course to replace Germany as Europe's leading economy & enter global top five this year – Putin's economic advisor

He noted that consumption is on the rise in Russia, adding that “such important indicators as electricity consumption and railway cargo transportation volume are gradually returning to last year’s level.” Nevertheless, “much more needs to be done to reach the sustainable growth trajectory,” he said.

For more stories on economy & finance visit RT's business section