The Bank of Russia hopes that the second wave of the coronavirus will be able to avoid

the Baseline scenario of the Central Bank of the Russian Federation does not include the risks of a second wave of coronavirus. This was stated today on a press-conferences the Chairman of the Bank of Russia Elvira Nabiullina.

“We considered different scenarios. We do not exclude this kind of scenario, but our baseline scenario does not include the risks of a second wave of coronavirus. And even if these risks are realized, in our opinion, the economic impact will be less. Because economically, the financial system, the behavior of people already adapted to this kind of risks. But we will make decisions depending on the situation”, — quotes the PRIME Minister.

Earlier on Friday, the Board of Directors of the Bank of Russia lowered the key rate from 100 basis points to 4.5% per annum — to a new historic low.

As, in particular, pointed out the regulator, “part of the adopted restrictive measures (introduced because of the pandemic coronavirus infection COVID-19 — ed.) continues to act”.

“Along with the substantial fall in external demand that has a more long-term negative impact on economic activity than the Bank of Russia predicted in April. There was a significant decline in business activity in the service sector and industry, the decline in new orders for domestic and foreign markets, the decline of investment. Increased unemployment and decreased income, decreased significantly, the turnover of retail trade. The gradual lifting of restrictive measures in may and June contributes to the gradual recovery of the sector-oriented consumption. However, the polls still reflect the maintenance of cautious business sentiment,” — emphasizes the Bank.

In this regard, he does not exclude that “the reduction in GDP in the second quarter may be more significant than expected”. “At the same time support the Russian economy have further measures of the government and the Bank of Russia to mitigate the economic impact of the pandemic Corotnovirus. In these conditions, GDP will decline by 4-6% in 2020. In 2021 or 2022 will continue the recovery growth of the Russian economy”, — said the controller.

Recall that the outbreak of pneumonia caused by a coronavirus infection (COVID-2019), was formally recorded in December 2019 in the Chinese city of Wuhan. March 11, 2020, the world health organization (who) officially recognized the situation with coronavirus pandemic. To date, cases of infection were recorded in almost 200 countries and regions of the world. In General, the number of infected COVID-2019 in the world exceeded 8.4 million people, died more than 453 thousand. The pandemic has had devastating effects on the world economy. Under the powerful kick hit many industries, including transport, tourism, hospitality, automotive, construction, retail, and entertainment.

Add the Vice-Premier of the Russian Federation Tatyana Golikova admitted that at observance of security measures in Russia the second wave of the coronavirus can be avoided. “I don’t think that if we comply with all security measures, can we expect a second wave”, — said Deputy Prime Minister.

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