Bloomberg warns of protracted recession in Russia – Economics – Kommersant

Against the backdrop of US and European sanctions, Russia may face a longer and deeper economic recession than previously expected, writes Bloomberg, citing an internal report of the Russian government. Two of the three scenarios included in the report assume that the country’s economy will return to growth only at the end of the decade. The “inertial” scenario provides for a peak fall in 2023 – by 8.3% compared to the pre-crisis level of 2021. “Stressful” predicts that in 2024, GDP will decline by 11.9% by 2021.

It should be noted that the head of the Ministry of Economy Maxim Reshetnikov, commenting Bloomberg publication, called the negative scenario a “working horror story.” According to him, the material reflects analytical calculations showing how the country’s economy will develop without resistance to sanctions.