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| Russian GDP billed to rise at fastest rate in years as shoppers splash cash after Covid-19 pandemic rule relaxation boosts economy | Russian GDP billed to rise at fastest rate in years as shoppers splash cash after Covid-19 pandemic rule relaxation boosts economy |
| (about 2 months later) | |
| Russia's economy is on track to grow at the fastest rate since 2012, with consumer spending skyrocketing in the wake of coronavirus restrictions being dropped across the country, and a faster-than-expected financial recovery. | Russia's economy is on track to grow at the fastest rate since 2012, with consumer spending skyrocketing in the wake of coronavirus restrictions being dropped across the country, and a faster-than-expected financial recovery. |
| That's according to Alexander Vedyakhin, the First Deputy Chairman of Sberbank, Russia's largest bank. Speaking on the eve of the Eastern Economic Forum in Vladivostok, he pointed toward a possible light at the end of the tunnel after the global economic strain caused by the 2020 pandemic. The financial executive expects a more than 4% increase in the size of the Russian economy by the end of the year. | That's according to Alexander Vedyakhin, the First Deputy Chairman of Sberbank, Russia's largest bank. Speaking on the eve of the Eastern Economic Forum in Vladivostok, he pointed toward a possible light at the end of the tunnel after the global economic strain caused by the 2020 pandemic. The financial executive expects a more than 4% increase in the size of the Russian economy by the end of the year. |
| "Now, it seems, the peak of the third wave in Russia has been passed. Restrictions are being relaxed, and this contributes to the growth of consumer spending," he told RIA Novosti, adding that Sberbank was basing its forecast for economic growth on consumer demand. | "Now, it seems, the peak of the third wave in Russia has been passed. Restrictions are being relaxed, and this contributes to the growth of consumer spending," he told RIA Novosti, adding that Sberbank was basing its forecast for economic growth on consumer demand. |
| Other recent signs have lent themselves to this positive outlook. In the first half of this year, the country saw a 4.6% surge in gross domestic product (GDP). Bloomberg reported that Russia saw its highest increase since 2000 and that the country's GDP has made a 10.3% gain in the second quarter. The World Bank also notes a resilient banking sector and higher oil prices will help bolster the Russian economy. | Other recent signs have lent themselves to this positive outlook. In the first half of this year, the country saw a 4.6% surge in gross domestic product (GDP). Bloomberg reported that Russia saw its highest increase since 2000 and that the country's GDP has made a 10.3% gain in the second quarter. The World Bank also notes a resilient banking sector and higher oil prices will help bolster the Russian economy. |
| At the same time, while Sberbank is optimistic about the future, Vedyakhin says it remains conscious of potential negative prospects after the substantial drop last year. "I believe that the main risks for economic growth are related not to internal, but to external factors. A slowdown in the growth rates of other economies, such as China, may lead to a decrease in external demand and, consequently, to lower growth rates in our country." | At the same time, while Sberbank is optimistic about the future, Vedyakhin says it remains conscious of potential negative prospects after the substantial drop last year. "I believe that the main risks for economic growth are related not to internal, but to external factors. A slowdown in the growth rates of other economies, such as China, may lead to a decrease in external demand and, consequently, to lower growth rates in our country." |
| Unprecedented epidemiological challenges saw the size of countries' economies shrink, stagnate or plummet over the course of 2020. The World Economic Outlook Report estimates that the global growth contraction was -3.5% in 2020, with countries in Latin America and Asia (excluding China) being hit the hardest in terms of GDP gains. While experts expect recoveries to be made this year, many remain wary of the virus's lasting impact on the economy. | Unprecedented epidemiological challenges saw the size of countries' economies shrink, stagnate or plummet over the course of 2020. The World Economic Outlook Report estimates that the global growth contraction was -3.5% in 2020, with countries in Latin America and Asia (excluding China) being hit the hardest in terms of GDP gains. While experts expect recoveries to be made this year, many remain wary of the virus's lasting impact on the economy. |
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