Russian economy back at pre-pandemic size

RUSSIA / FSU POLITICS - In Brief 17 Jun 2021 by Alex Teddy
On June 15 the Central Bank of Russia announced that Russia has recovered. The economy contracted 3% in 2020. In some sectors the economy has exceeded its prepandemic level.Russia is the first major economy to complete its recovery. This is partly due to having a relatively small service sector. The service sector was the most severely impacted sector of the economy worldwide. There are many semi-state companies in Russia and this also cushioned the economy from the worst of the economic slowdown.A third wave of coronavirus is rising. This could hurt the economy. Coronavirus is spreading like wildfire. In Moscow cafes and bars must shut at 11 pm. Firms are obliged to have at least 30% of their unvaccinated staff work from home.St Petersburg is hosting some Euro 2020 soccer matches. However, the city has been obliged to impose some restrictions due to coronavirus recrudescence.The Governor of CBR castigated the sluggish pace of vaccination. Only 13% of people have had even one dose. There are a few higher estimates for this figure. The slow speed of vaccination is offputting to investors.

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