Oct 16, 2020
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Businessmen in Russia expect demand to halve

Monitoring the effectiveness of government support measures revealed that more than half of the Russian businessmen surveyed expect a halving in demand in 2020. The poll was conducted by the office of Boris Titov, the presidential commissioner for the protection of the rights of entrepreneurs.

In the course of the survey, which was attended by three thousand people, it turned out that 70% of the respondents called the reduction of the tax burden the most necessary measure of support. Another 68% of entrepreneurs believe that "the best measure of support is not to close the business for quarantine." At the same time, 51.95% of respondents predict that by the end of 2020, the demand for the products or services of their company will decrease by more than half compared to 2019.

A third of respondents (32.48%) believe that demand will decrease by 20–50% compared to last year, - quotes TASS message from the press service of the business ombudsman.

67% of survey participants believe that the fallen and not recovered consumer demand is the main difficulty at the moment. At the same time, 28% of respondents would like the demand in the country to be stimulated. And another 35% believe that businesses need soft loans.

As reported, despite the recognition that annual inflation in Russia could reach 4.2%, the Central Bank previously kept the inflation target in 2020 at 4%. Note that the sharp drop in the ruble exchange rate has already led to the flight of investors from ruble assets.

If the Bank of Russia was previously in no hurry to take any decisive action, now the regulator is increasingly entering the domestic market with record volumes of currency, which are used to buy up cheaper rubles to support the national currency.

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