MOSCOW, April 29. /TASS/. Business ombudsman Boris Titov expects consumer demand in Russia to decline 10-15% in 2020 due to the coronavirus pandemic. He voiced his forecast during and online conference on Wednesday.
"We expect that countrywide real wages will fall. This applies primarily to the private sector, but also in the segment financed from the budget wages will be reduced. Therefore, [we will lose] 10-15% of demand at least this year," he said.
At the same time, Titov found it difficult to give a longer forecast.
"What will happen next: how long the price of oil will last, whether the second stage of the pandemic will be - these are question marks," the business ombudsman said.
He added that his Institute for Growth Economics had begun to create a model that should ensure recovery of the national economy after the coronavirus and in condition of low oil prices.
On March 11, 2020, the WHO declared the coronavirus outbreak a pandemic. According to the latest statistics, over 3,100,000 people have been infected worldwide and more than 218,000 deaths have been reported. In addition, so far, over 959,700 individuals have recovered from the illness across the globe.
To date, a total of 99,399 coronavirus cases have been confirmed in Russia, with 10,286 patients having recovered from the virus. Russia’s latest data indicates 972 fatalities nationwide. Earlier, the Russian government set up an Internet hotline to keep the public updated on the coronavirus situation.