Daria Snitko: Russian economy in crisis looks no worse than in other developing countries
According to the expert, Russian industries are most affected by three factors: coronavirus, worsening demand for oil, and the devaluation of the national currency.
"The Russian economy has not often had to deal with such a triple shock. The current crisis is very unusual. All current estimates are based on the experience of previous crises, but they cannot claim to be accurate, because today there is a unique situation", said Daria Snitko, stressing that there can be no concrete answers to the crisis questions today.
The expert noted that the Russian economy looks no worse than in other developing countries during the crisis.
"The Russian government has announced measures to support the economy by about 1% of GDP. Many people talk with admiration about the 10% of GDP that some countries have sent to support, about the distribution of “helicopter money” in the United States. However, we will not be able to do this due to low opportunities for significant loans in foreign markets and there are no such resources as the EU, the US or Japan", said Daria Snitko.
According to the analyst, Russia will be able to borrow on foreign markets only at a very high percentage. This is due to the fact that investors traditionally invest in more stable economies of developed countries.
"What we borrow we will need to give back. In conditions of low prices for oil, it is not clear how to pay back such loans", stressed Daria Snitko, noting that our country still has resources.
Full video broadcast recording: https://www.youtube.com/watch?v=NYG93pTvRkg&feature=youtu.be
Цитаты дня
