As countries across the globe has been facing the worst collective economic downturn since the Great Depression Russia seems to be particularly hard hit by the
Moscow [Russia], July 4 (ANI): As countries across the globe has been facing the worst collective economic downturn since the Great Depression, Russia seems to be particularly hard hit by the twin blows of the coronavirus pandemic as well as the collapse in oil prices.
Russia relies on taxes from the oil and gas sector for 40 per cent of its budget.
The Washington Post reported that Russian charities and non-profit organisations, since March, experienced a surge in the kind of clients they have not had before — families that had never been in financial crisis, but are now desperate. Some of them were unable to buy even food. Some were left homeless.
According to Russian federal statistics agency, Rosstat, an estimated 4.5 million people were out of work at the end of May — a number that has soared 85 per cent since March. Before the double crises hit, Russia had 1.3 million people listed as unemployed, according to official figures.
The jobless rate now stands at 6.1 per cent, compared with 5.8 per cent in April. In the United States, the unemployment rate in June was 11.1 per cent, the Bureau of Labor Statistics reported, down from a peak of 14.7 per cent in April.
In May, Russia’s industrial output slumped by 9.
