ALEXEY VEDEV: RECOVERY OF AFFECTED ECONOMIC SECTORS WILL START IN SEPTEMBER

Alexey Vedev, Head of Financial Studies Department of the Gaidar Institute, shared his thoughts with RIA “FederalPress” on timeframe for recovery of economic sectors affected by coronavirus epidemic.

“I think, the overall decline in GDP will drop within 10-12%. The forecast is the following: a smooth recovery of the affected industries will begin in September. Air transportation is rather inert because it depends on the epidemiological situation in other countries. The hotel business, sports industry, leisure and culture will be recovering for a long time. Domestic services will recover quickly. Clearly, the list of affected industries can be extended. The entire small and medium businesses have been suspended. Extractive industries are doing well. Despite the decline in their incomes, they always had a safety net”.