Russia Has Surmounted the Global Pandemic Crisis Better than the Rest of the World

Experts from Higher School of Economics found out that in 2020, for the first time in the post-Soviet era, Russia handled a world-wide crisis better than any other country. Evidenced by the data of HSE macroeconomic study, amid the pandemic the country’s GDP fell by 3.1% against the global economic decline of 3.5%. In fact, the impact of coronavirus on the Russian economy could have been considerably stronger than that demontrated by the actual figures. However, due to the timely anti-crisis measures and inflation targeting policies undertaken by the goverment, the country managed to avoid a plummet of 7-8 percentage points.

For comparison, after the crisis of 2015 Russia’s economy dropped by 2% due to the sanctions, while the world GDP grew by 3.4%. Another example is the global economic crisis of 2008, when Russia’s ecomony showed a decline of 7.8%, whereas the global GDP fell by only 0.1%.

Russia Has Surmounted the Global Pandemic Crisis Better than the Rest of the World

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