Gravity exists not only in physics, but also in economics, and just like in physics, its laws are objective. It is far more important for small and medium-sized economies to maintain and develop economic ties with the largest economies than vice versa.
In March, the Russian economy entered a downturn phase triggered by the impact of all-out foreign trade and financial sanctions and restrictions. If they continue, the economy will lose some of its potential, and the recovery will be protracted.
The changes in the Russian labour market caused by the corona crisis have been largely temporary, but some of them may take hold and become the ‘new normal’. Sustained changes in the labour market will also affect inflation in the Russian economy.
During a crisis, real-time data is particularly important: the economic situation requires prompt governmental and regulatory decisions. Industry-specific financial flow monitoring developed by the Bank of Russia allows analysis of business activity on a daily basis.