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Sberbank CEO Gref does not expect quick 'rebound' in Russian economy, crisis may be long

Along with the crisis, poverty in Russia will worsen significantly, and the unemployment rate will be much higher by the end of 2020 than at the beginning of the year, Herman Gref warned
Sberbank CEO Herman Gref Gavriil Grigorov/TASS
Sberbank CEO Herman Gref
© Gavriil Grigorov/TASS

MOSCOW, April 21. / TASS /. The head of Sberbank Herman Gref does not expect a quick "rebound" in the Russian economy, the crisis may be long, said he in a video interview on Sberbank TV on Tuesday.

"If during the first period of time we went on from the fact that we will now survive the peak of the crisis and return to full-time life after a rapid decline and a quick rebound, today I personally see the situation completely differently. It is quite possible that this crisis will be long," Gref said.

Along with the crisis, poverty in Russia will worsen significantly, and the unemployment rate will be much higher by the end of 2020 than at the beginning of the year, Gref warned. In his opinion, to support those in need, it is necessary to create a system for identifying them with the help of information technologies.

According to the pandemic development model calculated by Sberbank, the peak incidence rate in Russia will be from May 5 to 10.