Russian economy to shrink 6% in 2020, World Bank forecasts
The World Bank expects Russia’s economy to shrink 6% this year, the most since 2009, under pressure from the coronavirus pandemic and falling oil prices, before returning to growth in 2021-2022, APA-Economics reports citing Reuters.
Russia’s economy has been pummelled by a health crisis that has slowed business activity and demand for oil, its main export, across the globe.
Russia’s unemployment has soared after lockdowns were imposed across the country earlier this year. Gross domestic product is now projected to shrink at its fastest pace in 11 years, the World Bank said on Monday, as it predicted the global economy would contract by 5.2% this year.
In 2021, Russia’s GDP is expected to expand 2.7% and 3.1% in 2022, the World Bank said.
“Even with positive projected GDP growth ahead, GDP levels in 2022 would have barely caught up to pre-pandemic levels,” the World Bank said.
In the absence of a second wave of the coronavirus pandemic that could force Russia to re-impose restrictions on business, a moderate recovery could get under way in the second half of 2020, led by household consumption, according to the World Bank.
Although the Russian economy has suffered from the crisis, support measures announced by the government, if fully implemented, could help Russia contain the increase in poverty caused by the crisis, the World Bank said.
Seligmann said poverty in 2020 could have jumped to nearly 15% of the population from a baseline projection of around 12%, the level seen last year, had the government not rolled out tax subsidies to support small and medium-size enterprises, benefits for families and other anti-crisis measures.
Assistant to President comments on imposition of fines for delayed loans during period of pandemic
Minister of Economy of Azerbaijan: “Exchange rate is completely stable, foreign and domestic public debt have not increased"
Changes to Azerbaijan's State Budget 2020 adopted in the first reading - UPDATED
Minister of Finance: Many countries see a double-digit decline in GDP, situation in Azerbaijan is somewhat better
Minister: “The purposeful policy pursued under leadership of President Ilham Aliyev ensured creation of necessary volume of reserves in our country"
U.S. says it seized four Iranian fuel shipments en route to Venezuela
EU takes step toward imposing fresh sanctions on Belarus
Turkish, Venezuelan leaders discuss ways to boost ties
The court imposed a measure of restraint on Eldar Hasanov
Azerbaijan-Israel partnership is strong, resilient, and forward-looking
Russian diplomat detained in Czech Republic in June
Azerbaijan transports over 16,7 million tons of oil via main oil pipelines
Turkish Ambassador: “Current activities of co-chairs serve to further strengthen existing status quo”
Kazakhstan to ease quarantine restrictions since Aug 17
EU global trade posts decline in June amid pandemic
Spain shuts nightclubs to prevent coronavirus contagion
French presidency confirms Macron to meet Germany's Merkel on Aug. 20
UK says it has no choice over quarantine for French arrivals
Ukraine reports 1,732 new coronavirus cases in past 24 hours
Vietnam to purchase Russian COVID-19 vaccine
Russia’s UFC Champ Nurmagomedov says to face US fighter Gaethje in Abu Dhabi
Production of construction materials in Azerbaijan decreases by 4.8%
Putin says Russia is ready to engage with all interested parties to avoid escalation in Persian Gulf
Number of economically active population in Azerbaijan disclosed
Azerbaijani FM receives newly appointed Ambassador of Japan
Cost of paid services provided to population in Azerbaijan decreases by 22.2%
Volume of gold and silver production in Azerbaijan disclosed
US, Russia to hold meeting on strategic stability in Vienna on August 17-18
Azerbaijani MoD: The military-political leadership of Armenia will bear all responsibility for provocations at the front
Deficit in state budget of Azerbaijan makes AZN 182,4 mln.
Norwegians urged to wear face masks on Oslo public transport
Azercosmos with ISAT Africa to provide satellite services via Azerspace-2 in Africa
Azerbaijan’s MIA warns population regarding Ashura day
Five killed, 38 missing in Nepal after landslide flattens dozens of houses
820,002 coronavirus tests conducted in Azerbaijan
Number of confirmed coronavirus cases reaches 34,018 in Azerbaijan, 504 deaths
Azerbaijan documents 221 recoveries, 103 fresh coronavirus cases, 4 deaths in the last 24 hours
Borrell: "I welcome Israel-UAE normalisation"
Azerbaijani FM receives UAE ambassador upon the termination of his diplomatic tenure
Azerbaijani PM sets task aimed at ensuring execution of decree regarding establishment of AIH
Council of Europe Secretary-General comments on the situation in Belarus
Azerbaijani Health Minister meets with medical staff from Cuba
Russia’s UFC Champ Nurmagomedov says rematch with Conor McGregor is possible
Condition of relations in area of education between Azerbaijan and EU discussed
Embassies of Israel and UAE disseminate information on establishment of diplomatic relations between countries
5,130 boxes of medicinal preparations for treatment of tuberculosis patients brought to Azerbaijan
Aeroflot resumes flights to Geneva from August 15
Kyrgyzstan confirms 304 new coronavirus cases, 41,373 in total
Turkey may recall ambassador in UAE, suspend diplomatic ties, Erdogan says
Belarusian CEC announces final results on presidential elections
Germany: Israel - UAE agreement important for peace
Number of casualties in Beirut blast increases to 178
Two Galatasaray players test positive for virus
European Commission: "We need additional sanctions against those who abused human rights in Belarus"
Ambassador: “Azerbaijan-Israel relations are a model to other Muslim-majority countries”
Azerbaijani-Turkish Exercises continue with the participation of units of the Land Forces - VIDEO
Fire at gas station in Russia's Volgograd leaves 13 people injured - VIDEO
Azerbaijani and Turkish Air Force fighters carried out training flights - VIDEO
"TurAz Qartalı - 2020" Exercises continue with the participation of helicopters - VIDEO
Azerbaijani MP suggests to establish shelters for beggars
Azerbaijan commemorates Khojaly genocide - PHOTOSESSION
14 years pass since establishment of the Ministry of Emergency Situations: They always come to your aid in any difficult moments - PHOTOSESSION - VIDEO
First Vice-President Mehriban Aliyeva attended opening ceremony of rebuilt Azerbaijan pavilion at Exhibition of Achievements of National Economy in Moscow - UPDATED
Open Doors Day and the military oath-taking ceremony were held on the occasion of the State Flag Day
Azerbaijan's SSS: Ambassador Eldar Hasanov detained
Azerbaijan's Task Force adopts another package of measures to ease strict quarantine regime