The Russian economy may be affected by ‘black swans,’ unpredictable events that crush global financial markets, according to experts interviewed by Svobodnaya Pressa.
According to AMarkets Analytics Director Artem Deev, coronavirus is one of the negative factors that will slow down the economy. This is due to the fact that China where the pandemic started is a major importer. China’s reducing its daily consumption of oil by 3 mio barrels alone caused the black gold prices to fall. The expert adds that investors are afraid of further drops in the demand, which could lead to cutting oil production.
Nikita Ryabinin, Head of KRK Group’s Luxembourg Office, added that the oil price drop may trigger a global economic meltdown. If the global economy slips into recession, it will hit Russia as well. Recession is another ‘black swan’ for the Russian economy and right now it is hard to predict the exact effect of this phenomenon, the expert concluded.