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%.
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