Russian University Rector Names Trades that Will Suffer the Most Financially From Self-Isolation in Russia

Russian University Rector Names Trades that Will Suffer the Most Financially From Self-Isolation in Russia

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Earlier, the experts of the Higher School of Economics (HSE) made public their predictions for a surge of unemployment in Russia which may be triggered by COVID-19 epidemic. They noted that this year, the unemployment rate may approach the level of 8%.

HSE Rector Yaroslav Kuzminov believes that despite the significant economic impact of the quarantine the richest people in Russia are likely to keep most of their money while the poor are likely to remain poor. He is confident that the middle class may suffer greatly. More than that, chances are it “will slide into poverty.”

At the same time, he even mentioned what sectors may suffer the most.

“The middle class who is taking the blow is highly likely to slide into poverty,” Kuzminov said in an interview with RBC.

He indicated that workers of the entertainment industry and services market may come to face with the greatest income losses. Moreover, many large cities in Russia have already suffered from the coronavirus pandemic.

Earlier, the experts of the Higher School of Economics (HSE) made public their predictions on the unemployment rate in Russia which may be triggered by COVID-19 epidemic. They noted that this year, the unemployment rate may approach an 8% level. The biggest unemployment may hit about 1.5 mln people in the so-called corporate sector of economy.

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