Putin, Global Recovery Is Proceeding Unstable

Putin: Global Recovery Is Proceeding Unstable Russian President Vladimir Putin commented at the meeting that the global recovery is proceeding unstable. Russian President Vladimir Putin held a meeting with representatives of the Union of Russian Industrialists and Entrepreneurs. Stating that the global economy was going through a difficult process due to the coronavirus (Covid-19) epidemic, Putin said at the meeting:

“The recovery process in the global economy is developing extremely unstable. Moreover, the global economy may face new severe problems.”

Pointing out that the number of coronavirus (Covid-19) cases is increasing in Russia and in the world, Putin said:

“In some countries, curfews are being implemented again. It is important that we are able to protect citizens' jobs and income. The state, business world, institutions and citizens need to act in coordination in this struggle. “

The Russian economy contracted by 8.5 percent in the second quarter of 2020 due to the coronavirus (Covid-19) outbreak and the fall in global commodity prices. According to the estimates of the Central Bank of Russia, the country's economy, which grew by 1.3 in 2019, is expected to contract between 4.5 and 5.5 percent this year.