The Russian economy contracted by 8.5% on an annual basis during the second quarter (Q2) of 2020, official data showed on Tuesday.
The economic downturn came amid the coronavirus (COVID-19) outbreak, with lockdowns and preventive measures casting their shadows economic activities.
Next year, Russia’s gross domestic product (GDP) is expected to decline by 4.5% to 5.5%, with the economic recovery set to take place in 2022.