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Russian economy still has potential for further recovery, says Economy Minister

Maxim Reshetnikov noted that the recovery of the Russian economy was evidenced by the improvement of the situation on the labor market, a positive picture in the sectoral context, as well as positive dynamics in the area of investments

MOSCOW, September 8. /TASS/. The Russian economy has "recovered" after the novel coronavirus pandemic but its recovery potential has not been exhausted yet, Economic Development Minister Maxim Reshetnikov told reporters on Wednesday.

He was commenting on the statement Chairman of the Accounts Chamber Alexei Kudrin made at the plenary session of the Moscow Financial Forum.

"The country's economy feels confident. According to the results of the second quarter, Russia's GDP has fully recovered: on average in the first quarter of 2021 it is plus 0.3% to the pre-pandemic level, in July - plus 0.4%. According to our estimates, the potential for economic recovery has not yet been exhausted - there is a growth reserve in those industries that have not yet reached the pre-pandemic level (mining, passenger transportation, consumer services - TASS)," Reshetnikov said.

The Minister noted that the recovery of the Russian economy is evidenced by the improvement of the situation on the labor market, a positive picture in the sectoral context, as well as positive dynamics in the area of investments.

"The fact that business is investing money in its development, expanding capacities, shows that the economy has recovered," Reshetnikov stressed, speaking about the situation with investments. According to him, today investment are being made in the sectors that were significantly affected by the pandemic: hotel business, catering, trade.

The minister added that the August payments to parents for their schoolchildren and the September payments to pensioners and military personnel will provide additional support to consumer demand and the growth of the economy as a whole.

Earlier on Wednesday, speaking at the forum, head of Russian Accounts Chamber Alexei Kudrin said that the crisis caused by the spread of the coronavirus had not fully ended, although many countries will reach pre-crisis GDP levels this year.

"This pandemic crisis has not actually over yet. Although this year many countries will reach the pre-crisis level in terms of GDP, and our country, as Mishustin said has come out of it," said Kudrin.

"According to him, the crisis caused by the pandemic isn't standard in its nature. "It does not work the same way the mechanisms of other ordinary economic or financial crisis work. We must be prepared for greater uncertainty and greater flexibility in order to solve the issues of a non-standard crisis," he said.

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