Russian economy edges into recovery phase

Significance

Positive signs are still thin on the ground, but a modest recovery in demand is apparent. Oil export figures are less bad than they could have been, and natural gas sales are booming.

Impacts

• Another pandemic surge could dampen recovery but is unlikely to lead to a national lockdown.
• The authorities are planning tax incentives and improved access to credit and public procurement for small and medium-sized firms.
• A new national project will channel public funds into domestic tourism infrastructure.