The unemployment rate in Russia will grow considerably this year due to the coronavirus pandemic, and the number of people who will lose their jobs is expected to increase from 2.5 million to 8 million, head of Russia's Accounts Chamber Alexey Kudrin said on Monday
MOSCOW (Pakistan Point News / Sputnik - 13th April, 2020) The unemployment rate in Russia will grow considerably this year due to the coronavirus pandemic, and the number of people who will lose their jobs is expected to increase from 2.5 million to 8 million, head of Russia's Accounts Chamber Alexey Kudrin said on Monday.
"According to the forecast of this crisis, which has just begun, the number of unemployed in Russia will increase from 2.5 to 8 million for a certain period, perhaps till the end of the year," Kudrin told Russian channel RBC, adding that the unemployment rate would eventually decrease as soon as the economy "restarted."
According to Kudrin, Russia's GDP will decline by up to five percent due to the coronavirus-related measures.
"My last estimate was already a decline between three to five percent ... I already think it will be closer to five [percent] decline. I repeat - it's very difficult to give correct assessments," Kudrin said.
Moreover, the head of the accounts chamber said that the Russian authorities should add 2-3 trillion rubles ($27-40 billion) to direct subsidies to businesses.
