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Mishustin: Russia in the beginning of the year there were good preconditions for a breakthrough

Russia by the beginning of 2020 there were good preconditions for a breakthrough, but a combination of factors such as novel coronavirus infection and a precipitous decline in oil prices has significantly complicated the situation and demanded an urgent and massive measures, said Prime Minister of Russia Mikhail Mishustin.

Speaking with the report in the state Duma about the work of the government in 2019, he recalled that the total volume of the national welfare Fund by the beginning of 2020 amounted to nearly 8 trillion rubles, the minimum in 2019 were inflation and unemployment, the level of public debt amounted to 12.3% of GDP, while foreign reserves increased to 554 billion.

"All this created good preconditions for a breakthrough. However, in the beginning of the year we are faced with a powerful challenge of the new coronavirus infection. Epidemic in the world has happened before. But now, in an era of global linkages, the virus began to spread rapidly across continents. Nothing like this had not previously encountered no one in the world", - said the Prime Minister.

The situation was complicated by the fact that the spread of the virus and the actions of individual countries to increase oil production led to a serious imbalance in the oil market, this caused a precipitous decline in prices, he said.

"Increased volatility in financial and currency markets, there has been a capital outflow. The combination of these two factors greatly complicated the situation and demanded urgent and massive measures," - said Mishustin.