RUSSIA (Russia is forecast to see negative GDP growth in the 4th Q of 2021):
Russia has so far seen close to 7.3 million COVID cases & more than 200,000 casualties to the virus. The lengthy distribution of the Russian vaccination program continues to be 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, and Russia has been successful in selling this vaccine to a number of countries around the world, including Argentina, Belarus and a number of other countries.
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 4th Q of 2021.