Economics
Russia’s Economy Doing Better in Pandemic Than Many Feared
- 2020 Contraction seen as much smaller than initial forecasts
- Economy went into crisis in better shape than many others
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Though Russia last week became only the fourth country to report more than 1 million cases of Covid-19, its economy is coming through the pandemic better than most other big emerging markets. Analysts say the outlook could yet improve.
“When the pandemic broke out, Russia was in pretty good shape: low inflation, low unemployment, stable banking sector and huge reserves,” Renaissance Capital Chief Economist Sofya Donets said by phone from Moscow. “If there are no additional shocks, there will be a wave of forecast upgrades for Russia’s economy this year.”