The World Bank expects the Russian economy to shrink 6% this year from 2009 before returning to growth in 2021–2022, with the coronavirus pandemic and falling oil prices under pressure.
Russia's economy is mired in a health crisis, with its major exports, worldwide trade activity, and oil demand slowing.
Russia's unemployment rose after a nationwide lockout earlier this year. The World Bank said Monday that GDP is now accelerating in 11 years, as the global economy is expected to contract 5.2% this year.
The World Bank says Russia will expand 2.7 percent of GDP in 2021 and 3.1 percent in 2022.
"Despite a positive GDP growth rate, GDP levels will not reach levels before the epidemic in 2022," the World Bank said.
According to the World Bank, the absence of the second wave of coronavirus pandemic could force Russia to ban the trade, leading to a domestic resurgence in the late 2020s.
The World Bank said that although the Russian economy is suffering from a crisis, the government will help increase poverty in the wake of the crisis if the government's austerity measures are fully implemented.
World Bank Country Director in Russia, Renaud Seligman, said: "In the absence of government support, our expectation is that there will be a net increase in poverty levels in Russia."
Seligman said that 12% of the population will go from baseline projection to 15% poverty by 2020, seen last year. Benefits and other anti-crisis measures.
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