In the Russian Federation, apparently contradictory elements have been combining during the pandemic: Despite having been at certain times among the countries with the most infections in the world, the country has maintained higher levels of normality than much of Europe in terms of economic life And social. In August, it surprised the world with the announcement of its Sputnik V vaccine, which according to the Russian government is 95% effective.
The IMF has just improved its forecast for the evolution of the Russian economy; The agency estimates that, by the end of 2020, Russia’s GDP will decline by only 4.1% compared to 6.6% previously assumed.
Karlos Landeta and Inaki Araico, from our Delegation in Russia, summarize the current situation of the country and its economy.
Status of the epidemic
Although a greater degree of social and economic normality prevailed in the country during the summer months and until October (having even held fairs and events), the second wave that has been hitting Europe during the month of November has also made a dent in the Russian Federation, and some seemingly forgotten restrictions have been reactivated, including the temporary closure of schools in some areas.
In any case, even at these high points of the second wave, ordinary economic and commercial activity is being maintained, and even other elements such as the hospitality industry (at least so far) have not been forced to close.
Obviously, one cannot fail to mention the Russian Sputnik vaccine, which is showing rates of effectiveness similar to the other formulations such as Moderna, Oxford or Pfizer.
Although perhaps for political reasons, the Russian vaccine generates suspicions on an international scale, internally it has generated a high level of hope and the Russian Government trusts its distribution and application in the medium term, both in the Russian territory itself, as well as among neighboring countries. .