The head of VTB, Andrey Kostin, announced a rather optimistic mood regarding the prospects for the Russian economy and expressed the hope that it will return to pre-crisis levels by autumn. He expressed this opinion at the World Economic Forum in Davos.
“Russia plans to return to economic growth this year, somewhere at the level of 3.7 percent … mainly due to the resource economy – international prices, as you can see, are good, starting with oil, ending with aluminum, nickel and so on. We are quite optimistic and hope that by autumn the Russian economy will return to pre-crisis levels, “said the head of VTB.
The coronavirus pandemic became the main threat to the Russian economy in 2020: the authorities expected that closed borders, a drop in oil prices due to low demand, and domestic restrictions imposed due to the virus would lead to a decrease in Russia’s GDP for the first time since 2015. According to the Ministry of Economic Development, the decline in Russia’s GDP in 2020 was 3.8 percent. The ministry forecasts economic growth of 3.3 percent in 2021.
The World Economic Forum in Davos kicked off on January 25. For the first time in half a century due to the coronavirus pandemic, it is being held online. Speaking about the online format of international meetings and work outside the offices in a pandemic, Andrey Kostin doubted that even with some advantages of remote work, “humanity would like to live like this.” “We must be more focused on protecting ourselves from viruses and leading normal lives than on how to ensure a comfortable existence during a pandemic,” he stressed.
The WEF Virtual Conference will be held on January 25-29, it will discuss the transformation of industries, technology development, global cooperation and climate change, including taking into account the situation with the coronavirus.
It was also reported that for the first time since 2009, Russian President Vladimir Putin will speak at the forum on January 27.