How business survived the coronavirus: expert video of Nina Kozlova

Nina Kozlova, Managing Partner of FinExpertiza Russia, summed up the results of the coronavirus six months. In her video, the expert assessed the effectiveness of state support measures and summarized the findings of FinExpertiza's own research, demonstrating the impact of the coronavirus crisis on various sectors of the economy. In particular:

• The aggregate profit of Russian businesses (large and medium-sized enterprises excluding small businesses) in the period from March till May 2020 collapsed by 67% compared to the same period last year. This is the sharpest decline in spring months for at least the last 16 years, for the entire available period of statistical observations.
• Government support was unevenly distributed across industries. Many enterprises were unable to apply for assistance from the state, since their type of activity did not formally belong to "suffering industries" according to OKVED. FinExpertiza noted that about two-thirds of small and medium-sized enterprises could have been deprived of the comprehensive state support.
• During the coronavirus spring, the country's total wage bill fell for the first time since at least 2001. In May, the unemployment reached an eight-year record of 6.1% and the number of part-time workers more than tripled and exceeded 22 million.