Expert: Lockdown had ‘seppuku’ effect on Russian economy

Credit: Vladimir Trefilov | RIAN

COVID-19 lockdown has produced a ‘sepukku’ effect on Russia’s economy, with the situation possibly to devolve into a complete mess in late September, said Valentin Katasonov, Professor at the Department of International Finance of Moscow State Institute of International Relations. 

According to the expert, there are numerous scenarios for the Russian economy’s development. However, the authorities’ irrational actions are reducing forecast accuracy, he noted.

The Russian government is considering reintroduction of lockdown measures in September, Valentin Katasonov said. Meanwhile, according to doctors, a second wave of the coronavirus infection is impossible to predict.

The expert stressed that efforts should be taken to revive the national economy as the lockdown has had sort of a ‘seppuku’ effect on the country’s economic sector, Svobodnaya Pressa reported. However, all measures that are currently underway to support Russia’s economy will conclude in the end of September. The authorities fear that by this time the economy may devolve into a total mess, the expert said adding that the government is considering a possible reintroduction of the lockdown measures and is preparing Russian citizens for this scenario.      

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