Russia Economic Report, No. 44, December 2020 : Russia's Economy Loses Momentum Amidst COVID-19 Resurgence; Awaits Relief from Vaccine
In Q2, Russia’s GDP contracted sharply, faced with domestic supply and demand, and terms of trade shocks. Yet supported by exports, GDP growth performed slightly above expectations. In the third quarter, as COVID-19 cases declined, restrictions eas...
| Main Author: | |
|---|---|
| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2020
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/926731608144556907/Russia-Economic-Report-Russias-Economy-Loses-Momentum-Amidst-COVID-19-Resurgence-Awaits-Relief-from-Vaccine http://hdl.handle.net/10986/34950 |
| Summary: | In Q2, Russia’s GDP contracted sharply,
faced with domestic supply and demand, and terms of trade
shocks. Yet supported by exports, GDP growth performed
slightly above expectations. In the third quarter, as
COVID-19 cases declined, restrictions eased and on the back
of fiscal, monetary, and regulatory measures. Economic
activity showed signs of picking up, as reflected by some
resumption in industrial production sectors and services.
However, negative momentum is expected to continue in Q4
amidst rising COVID-19 infection rates and re-installment of
some mobility restrictions. The COVID-19 pandemic weakened
corporate balance sheets, especially in services sectors
such as hotels, tourist agencies, railway and airpassenger transportation. |
|---|