Talking Trends: economy is close to pre-pandemic level
The Russian economy continues to grow in 2021 Q2. The GDP could reach the pre-pandemic level already in mid-2021. These are the findings by the authors of the latest issue of Talking Trends, the Bank of Russia’s Research and Forecasting Department’s bulletin.
Economic growth is still uneven. Industries focused on export and intermediate products as well as the services sector have been recovering at outrunning paces during the recent months. Restrictions for manufacturing due to limited component supplies are rather strengthening. However, they have not materially affected the overall economic growth rate yet.
Uncertainty with respect to medium- and long-term consequences of the pandemic remains high. The pandemic accelerated the process of closure of businesses with low labour productivity, which releases economic resources for more efficient and productive companies. However, we are yet to see signs of more rapid creation of new enterprises amid the economic recovery.
The views and recommendations expressed in the bulletin do not necessarily reflect the official position of the Bank of Russia.
