Russia

RUSSIA (Russia is forecast to see negative GDP growth in the 2nd Q of 2021):

Russia has so far seen close to 4.5 million COVID cases & more than 96,000 casualties to the virus. The lengthy distribution of Russian vaccinations program continues to a problem. However we are starting to see signs the COVID-19 epidemic is starting to weaken.

Russia announced in August 2020 that it had produced a COVID-19 vaccine (Sputnik COVID-19 vaccine, reported to be 95% effective). This vaccine went into full production in September 2020, Russia has been successful in selling this vaccine to a number of countries around the world, including Argentina & Belarus.

The COVID-19 virus has been responsible for up to 40% to 60% of ongoing construction projects to be shut down or delayed, the projects that have continued to work have imposed rigorous safety and travel restrictions. The COVID-19 virus will influence future CAPEX projects and some projects will be cancelled.

Russia also continues to be vulnerable to US & Western European economic sanctions that will continue to suppress construction activity.

Oil prices have increased by more than 35% in the last 3 months, this is great news for the Russian economy & construction sectors. We are starting to see some positive signs the COVID-19 pandemic in Russia is starting to weaken as we move into the 2nd Q of 2021.