Full-fledged recovery of the Russian economy will begin after the COVID-19 vaccine is developed, according to Sergei Khestanov, Associated Professor of the Department of Financial Markets and Financial Engineering at the Russian Academy of National Economy and Public Administration.
The expert noted that until there is a vaccine, the economic development may follow any potential scenario. Based on the most optimistic prognosis, the COVID-19 vaccine will be developed by the end of the year. A more realistic prognosis says it will not happen until the early 2021, Svobodnaya Pressa reports quoting Sergei Khestanov.
The economistadded that it is possible to build economic recovery models; however, they will not be very accurate. There is a chance that the economy has not yet hit its lowest point.
Economist Leonid Khazanov stressed that the economic situation in Russia is far from perfect. The pandemic is not over and lifting the lockdown does not mean the economy will start to grow. Leonid Khazanov added that even before the lockdown, the Russian economy was stalled. Now it is simply going downhill.