Russian economy may shrink by 4.5% this year, Accounts Chamber chief says

Russian economy may shrink by 4.5% this year, Accounts Chamber chief says
  • Clock-gray 19:58
  • calendar-gray 28 November 2020

Russia’s economy may shrink by up to 4.5% in 2020, head of the Russian Accounts Chamber Alexei Kudrin said at the All-Russian Civil Forum-2020, APA reports citing TASS.

"The European economy will shrink by about 8% this year, even by 9%, while the UK [economy] will shrink by 11%. According to official statistics, our economy will shrink by 3.9%. I believe more than 4%, maybe 4.5%," he said.

Kudrin noted that living standards had fallen substantially over the past five years, and the coronavirus situation would contribute to their decline in the future. "After living standards in our country fell by about 10% over the past five years prior to COVID-19, this year we will have a significant economic slowdown. In the second quarter, it is more than 8% of the fall in living standards, and in the third quarter, already 4.5%," he noted.

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