Famous Russian billionaire businessman Igor Rybakov said in his Youtube blog that many people might lose their jobs because of the crisis and the spread of the coronavirus infection. It might trigger a domino effect, after which the economic crisis will hit all areas.
The economic situation in Russia remains quite tense and cannot boast any shifts towards improvement. The ruble exchange rate is plummeting. Currently, it is about 80 rubles to the U.S. dollar. Oil prices have dropped to critical levels. The coronavirus pandemic is only aggravating the situation which has been already unfavorable.
A number of experts say coronavirus is almost the main problem in the current circumstances. They believe that many people, who have switched over to remote work, may lose it over time because the ruble exchange rate and restrictions caused by the virus are placing serious pressure on the economy.
For example, the well-known Russian billionaire businessman Igor Rybakov said in his Youtube blog that many people might lose their jobs because of the crisis and COVID-2019. It might provoke a domino effect, after which the economic crisis will hit all areas.
“Unfortunately, a lot of people were happy to be allowed to work remotely,” Rybakov said. “Later, many of them will be upset that they will stay at remote work forever. They will remain at home. Many will be notified that they have been fired or their income is significantly reduced (transfer to a reduced workday, etc.). First of all, this will affect the experts whose tasks are reduced by circumstances unfolding on the market.
The first to suffer will be businesses in tourism, entertainment, civil transport, show business, event business, dealer centers, large-size trade, equipment trade and discretionary goods. They will be the first to suffer.”
He added that after people are fired from the aforementioned sectors, a giant domino effect will start.
“People will be fired,” said Igor Rybakov. “Many of them. After that, a gigantic domino effect will begin when the incomes of all the people who have been fired drop dramatically, they stop buying other things. The number of the waves of this kind will be large, and they will somewhat roll over each other. As a result, everybody will feel the effect of this triple crisis: a pandemic, a psychological crisis and panic, and a declining income. Again, everybody will face it. We need to be ready for it.”