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

Russia avoided critical economic contraction in face of coronavirus crisis – Putin

Russia avoided critical economic contraction in face of coronavirus crisis – Putin
The coronavirus pandemic did not result in a critical downturn for the Russian economy thanks to the support measures implemented by the government, President Vladimir Putin has stated.

Despite the difficulties, all the macroeconomic indicators remained stable and the country continued to implement major infrastructure projects this year, the Russian leader said during a meeting with the government on Thursday. 

“We prevented a critical contraction, which could have considerably set back the Russian economy,” he said, adding that the government implemented systemic support measures for key sectors. “We’ve managed to solve the issue of protecting the population in general.”

Also on rt.com Russia second in Bloomberg rating of economies expected to beat expectations in 2021

Putin previously said that the government had spent 4.6 trillion rubles (around $62 billion) to support its citizens and keep the economy afloat amid the pandemic. The support measures for businesses included rescheduling tax payments, issuing grants and special terms for loans among other programs.

The Russian economy showed a strong recovery in the third quarter, but is set to shrink this year. However, it is expected to do better than most European countries. According to the most recent World Bank predictions, Russia's gross domestic product is forecast to fall four percent this year instead of the previously anticipated five-percent drop. Meanwhile, EU GDP is expected to contract by about seven and a half percent in 2020, and the euro area economy is set to contract by 7.8 percent.

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

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.