Reshetnikov predicts economic recovery to pre-crisis levels in June-July

Economy Minister Maxim Reshetnikov expects the Russian economy to recover to the level of the fourth quarter of 2019 in June-July 2021. According to him, when compared with the average for 2019, “by and large” the economy recovered already in April.

“If we take the fourth quarter, then minus 0.9 percentage points. It is still difficult to give an assessment in May, because there were non-working days, they will have some impact. Therefore, talking about full recovery by the fourth quarter of 2019 is June-July, “said Mr. Reshetnikov at SPIEF-2021 (quoted by TASS).

The minister noted that the restoration will take place two to three months earlier than expected. “Therefore, the recovery is really going ahead with a visible advance,” he added.

The head of the Central Bank Elvira Nabiullina also said earlier that she expects GDP to recover to pre-pandemic levels by mid-year. ACRA Rating Agency expects the Russian economy to recover in 2021. The updated forecast says about the growth of GDP to 3.4-3.7%.

About ACRA’s forecast – in the material of Kommersant “Seeing off the pandemic does not promise to be long.”