Coronavirus will hit both Russia’s and global economies

The Russian and world economies are suffering losses due to the coronavirus, the Accounts Chamber said. So far it is difficult to estimate the damage, but if the epidemic is curbed quickly, the negative effects can be mitigated. Otherwise, the damage from suspended goods and transport flows will be significant.

As far as the Russian economy is concerned, the epidemic cut Russia’s trade with China. In January-November it stood at $100 mio, or 16.5% of Russia’s total foreign trade. Furthermore, Urals oil fell 5% on January 27. At the same time, early 2020 corporate reports showed losses. Amenity Analytics developed a system that tracks the impact of coronavirus on financial performance. Losses were reported by 421 entities.

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