The Russian and US economies will take 2-3 years to recover from the impact of the pandemic, said Sovcombank Chief Economist Kirill Sokolov.
According to the expert, the dynamics of corporate profits in the second quarter of 2020 will hit a new low since the global crisis of 2008-2009. The weakening of the ruble may offer minor support to the Russian export-oriented stock market. However, these expectations are already incorporated in the currency quotes.
Many experts believe that the global economy will begin recovering in the third quarter of 2020. The technology sector is currently feeling the best because it has benefited from the coronavirus pandemic, Prime news agency reports.
At the same time, Sokolov believes that the economies of both developed and developing countries will be thrown back 2-3 years and will take the same period to recover. Some businesses will be gone forever, he concluded.