Russia’s economy will take a long time to even remember what growth is, economist Vladislav Zhukovsky predicted.
According to the expert, the economic crisis provoked by the pandemic will be long and will have a strong depressive effect on the economy. We are unlikely to see any rapid growth after the crisis, Vladislav Zhukovsky added, quoted by Deita.ru.
Even according to official statistics, the economic downturn in Russia in the second quarter was 10%. According to unofficial data, the economy sank 20%. The overall slump by the end of the year may reach 6%, Zhukovsky said.
To fully recover, the Russian economy will have to grow by at least 3.5% for two or three consecutive years. This seems like an impossible task, the economist concluded.