The Russian economy can face a recession as soon as this year, according to a forecast by the Stolypin Institute for the Economy of Growth, which is based on the recent performance of small and medium-sized businesses. The Ministry of Economic Development said earlier that a recession was expected in 2021.
According to the Federal Service for State Statistics, the economic growth in the first quarter of the year slowed down to 0.5%; GDP grew by 0.8% in the second quarter. According to the institute experts, large enterprises and the public sector companies are growing, while the number of small and medium-sized businesses has been decreasing.