Russia's economy turned out to be more prepared for pandemic shocks than the economies of many other countries. Russian President Vladimir Putin said this at a large annual press conference on Thursday.

"Our economy, faced with the challenges of the coronavirus infection, the necessary, forced restrictions in this regard in the economy, and in the social sphere, still turned out to be more mobilized and ready for such shocks than many other developed economies in the world," he said.

The President noted that the rate of economic decline was 3%, which is much lower than in many leading economies of the world.

He noted that Russia has recovered from shocks much faster than other countries.

In this context, the Russian leader also said that GDP growth for the year is expected to be 4.5%. Industrial production is growing at the rate of 5%, while the processing industry is growing at 5.2%. Fixed capital investment is 7.6% as of November, and is expected to be 6% for the year. Real income growth of citizens will average 3.5% in 2021, he said.

Made in Russia // Made in Russia

Author: Maria Buzanakova