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Photo by Alexei Nikolsky (TASS / Scanpix)
The Russian government continues to ignore calls for more rigorous measures to help the economy, and the country’s President Vladimir Putin’s rating has fallen into historical hands.
No significant steps were taken at Russia’s leadership meeting on Wednesday to support the economy or business, although Prime Deputy Prime Minister Andrei Belousov, who took office as Coronavir-infected Russian Prime Minister Mikhail Mustin, is entering a difficult economic period.
The country’s economy, which is experiencing the fastest growth in COVID-19 in the world after the US. USA And who lives in quarantine for weeks, is facing a double crisis due to a sharp drop in oil prices and quarantine measures.
The Russian government announced this week that the country’s economic activity had fallen 33% since the start of the pandemic. Revenue from payments in April amounted to 31%. And oil and gas export earnings increased more than half.
Economy Minister Maxim Reetnikov reports that more than a third of retail companies have been formed and that the sector’s revenue has decreased by 25%.
Unemployment is also on the rise In the past two months, 735,000 people have registered as unemployed and the official unemployment rate has risen to 1.2 million. However, given Russia’s large economy, there may be much more job losses. Many, including Alexei Kudrin, Head of the Audit Office, predict that by the end of the year the workforce may not have a total of 8 million. moni
Among other things, the state’s per capita income tax fell 14% in April.
Modest aid packages
The government has repeatedly called for labor protection to be a priority for companies, but state financial support, especially for smaller companies, remains low.
The grant program is expected to provide € 436 billion in various government loans. RUB ($ 5.8 billion) to support business, but only $ 80 billion. RUB ($ 1.1 billion) in the form of direct financial support.
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Belousov, the prime minister, said many 2,000 people applied for an interest-free loan to pay workers’ wages, which is more than the government expects.
As the Moscow Times writes, fur is modest where economists use it most to describe the Kremlin’s aid measures.
So far, Russia has adopted two aid packages for business, population and health care. Its total value is said to be 2.8% of GDP (RUB 2.1 trillion), with the United States boiling 10% of GDP, for example.
Kudrin says that to save the economy, Russia needs an aid package worth at least 7% of GDP.
You will spend it cautiously
The Russian government says it is preparing three packages, which is unknown.
Finance Minister Anton Siluanov told Russian business daily Vedomosti on Wednesday that the government should be cautious about spending during the crisis, arguing that it would be a mistake to inject Russia’s $ 157 billion in the next two years. The USD is a fund of national assets accumulated over many years of oil export earnings.
Russia has not provided a comprehensive economic policy response, Gunter Deuber, chief economist at Raiffeisen Bank, recently wrote. Consequently, it can be concluded that Russia’s political priorities lie elsewhere. The prudent response of economic policy also reflects the strengthening of political stability and the maintenance of reserves at the expense of long-term economic development.
According to Deuber, Russia is likely to wait for the necessary global economic recovery brought about by the aid package elsewhere.
Analysts also say that the coronavirus crisis has primarily affected the stability of an economic model designed to deal with falling oil prices. The fall in prices at the same time as the decrease in world and domestic consumption was not ready.
According to Russian Finance Minister A. Siluanov, the country’s economy will shrink by 5% this year. This would be the worst result since 2009, when the Russian economy contracted 7.8% during the global financial crisis. Before the pandemic, Russia expected its economy to grow 2% in 2020.
At the world’s second growth rate
The quarantine in the country continues for weeks and is now scheduled for May 11. (Moscow has already been extended until the end of May). However, the growth rate of new coronavirus infections in Russia has recently accelerated and has become the fastest in the world since the US. USA It registered more than 10,000 new cases per day since last Sunday.
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According to Sunday morning data, the official total number of infected coronaviruses is 209,688, with a total of 1,915 companies infected with COVID-19 dying in the country.
However, Russia is also taking restrictions to lightly devour Putin’s support for the resumption of construction and industrial work in Moscow starting May 12.
The rating fell to historical emums
At the time, Putin’s performance was seen by people as never before.
Putin’s support rating of President’s activities has reached 59% higher for historians, as announced by the independent Levada Center for Sociological Research this week.
The results of a telephone survey conducted in late April show that 33% of respondents disagree with Putin’s work.
Previously, the lowest rating in support of Putin as president was 61% in 2000. birel and November 2013.
In April, the Levada Center said that more respondents supported local duty actions in response to the coronavirus crisis than Putin.
Furthermore, an opinion poll conducted by the state agency VTsIOM in late April showed that Russia’s confidence in Putin was the lowest in 28 years among 28% of respondents; This is the same number as the results of the last confidence survey at the Levada Center.
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