(The Moscow Times)
President Vladimir Putin had hoped 2020 would present an opportunity to revive a stagnating economy.
Russia said Monday that its economy contracted by 3.1% in 2020 as the oil producing nation was hit by coronavirus lockdowns and a plunge in global crude prices.
The drop was less severe than Russian authorities had expected however, as the central bank had forecast a contraction of about 4.0%
The Rosstat statistics agency attributed the drop to “restrictions imposed to combat the coronavirus and the fall in global demand for energy resources.”