Long-term unemployment is key risk – President


Vladimir Putin met yesterday with representatives of the Russian business community, presidential web page reports.

As Putin pointed out, “We have two problems: the oil market has practically collapsed, followed by other energy markets, and then there is this virus. The most important task now is to protect the lives and health of our citizens. This is obvious. But it is also obvious that if the economy collapses, there will be no resources to carry out this most important task.”

Later in the day he also took part in the Extraordinary Virtual G20 Leaders’ Summit. Addressing his counterparts, he noted that “The key risk lies in long-term unemployment which, regardless of the future scenario, will peak much higher than in 2009.”

“The Russian government is allocating 1.2% of Russia’s GDP to fight this crisis. Russia’s Central Bank is providing approximately the same amount of support,” he said. “Yet it is important to create so-called green corridors for the duration of the crisis, free from trade wars and sanctions, for the mutual supply of medicines, food, equipment and technology.”

Previous ArticleNext Article