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surge from its current post Soviet lows to 5.7%, but that is still not a catastrophic level.
While the immediate damage can be contained and any serious meltdowns or financial crises can be averted probably the most serious long-term problem is the current crisis will derail the national project programme that is so badly needed to modernise the economy and condemn Russia to more years of stagnation. Investment at 20% in 2019 was already too low and way below what other emerging markets are spending, and now it will fall by 12% in 2020 and rise by 4.9% in 2021. Without a big boost in investment Russia’s economy may not blow up, but it will inexorably fall behind the other developed economies in the world.
7 RUSSIA Country Report June 2020 www.intellinews.com
