Central Bank not expecting a quick recovery after the recession due COVID-19
The Bank of Russia does not expect a rapid economic recovery after the recession due to the coronavirus, said during an online press conference, the head of the Bank of Russia Elvira Nabiullina.
"I think V-scenario is not very realistic, L also means some very long stagnation, but rather will be somewhere in between. We do not expect a quick recovery, because the question is not only how quickly demand recovers, both external and internal will be supported, but still a lot of uncertainty from the point of view of supply," - said the head of the regulator.
The economy in Russia is quite specialized: if in a production chain for some of the companies will not be able to restore their activity, may suffer the whole chain and production. Take time to seek out new suppliers, and these chains recovered, she explained.
"So, of course, how quickly you will recover these chains, how they collapsed, I hope that still a significant part of their supported, including through measures to support the government ... in my opinion, is neither L nor V, and such a gradual economic recovery", - concluded the head of the Central Bank.
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