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Ministry of economic development of the Russian Federation

Losses of Russian economy from pandemic less than in other countries — Central Bank

23.06.2020

Losses of the Russian economy from the coronavirus pandemic will be less than in many other countries, Governor on the Bank of Russia Elvira Nabiullina said on Tuesday in the State Duma.

"Russian GDP this year will inevitably fall, unfortunately, as in other countries of the world, but our losses are likely to be less than in many other states, and less than the last global crisis of 2007-2009," she said.

Nabiullina added that the current forecast of the Bank of Russia suggests a 4-6% decline in GDP in 2020. "This is also a very deep economic recession, but given the circumstances, it is still noticeably less sensitive to the global economic crisis," Nabiullina emphasized.

Earlier, the Bank of Russia reduced the key rate by 1 percentage point (p.p.) at once for the first time since 2015 to an all-time low for this monetary policy instrument of 4.5% per annum. The decision was taken amid more profound disinflationary factors than expected, the regulator said.

Meanwhile, the regulator maintained its GDP dynamics outlook as it expects GDP contraction by 4-6% in 2020 and continuation of recovery growth in 2021-2022.

The Bank of Russia will hold its next key rate review meeting on July 24, 2020.

Source: TASS



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