°

The Central Bank has estimated the timing of recovery of the Russian economy

The Russian economy will recover to the level of 2019 in the first quarter of 2022, said the first Deputy Chairman of the Bank of Russia Ksenia Yudaeva.

"We see a recovery to the level of 2019 only somewhere in the first quarter of 2022 and the output to the trend that was seen before, somewhere by the end of 2022," she said during the conference, the newspaper "Vedomosti".

While Yudaeva noted that the crisis also will lead to structural shifts in the economy that will be associated with digitalization and preferences, in terms of work: more people to work in remote formats and less to go on a business trip.

"These, of course, structural changes will affect, in particular, on the potential growth rate. I would like that the medium-term and long-term effect was positive, so we have used this stress as an opportunity to accelerate economic development", - concluded the first Deputy Chairman of the Central Bank.

The Bank of Russia last week narrowed its forecast for the fall of the country's GDP in 2020 to 4.5-5.5% from the previous 4-6% and changed the expected corridor for the growth of the economy in 2021 - to 3.5-4.5% from April's estimates of 2.8-4.8 percent-in 2022 - to 2.5-3.5 percent from the same 1.5-3.5 percent.