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Zadornov: Russia's GDP in 2020 may fall by 5-6%

Zadornov: Russia's GDP in 2020 may fall by 5-6%
President and Chairman of the Board of Otkritie Bank Mikhail Zadornov believes that Russia's GDP by the end of 2020 will fall by 5-6%. Moreover, the drop in key economic indicators will be less than in Europe.

Due to the global coronavirus pandemic, the depreciation of the ruble and oil prices, Russian GDP may decline in the second quarter of 2020 by 7-8%. As Mikhail Zadornov noted in an interview with The Bell, in Europe the decline will be more noticeable - about 10%. A tangible monopolization of some industries and a small share of small and medium-sized businesses, in comparison with European countries, will play into the hands of the Russian economy.

At the same time, according to the results of the year, the Russian economy will equalize, and the total annual decline in GDP will be only about 5-6%. And at the beginning of 2021, the economy can begin to grow rapidly - due to deferred demand caused by restrictive measures due to the coronavirus.

Also, the head of Otkritie Bank believes that the current crisis is not economic, but it will change the business models of a number of sectors of the economy. In particular, the number of workers on the remote site will increase, and shopping centers will begin to die out as a place for leisure. Also, in his opinion, due to the pandemic, oil and electricity consumption will decrease.

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