International isolation of Russia: around 3 million Russian citizens may lose their jobs
Saturday, 5 March 2022, 09:13
Big international companies are boycotting Russia. As a result, around 3 million Russian citizens may lose their jobs.
Source: article on Bloomberg
As stated in the article, every day more and more foreign companies are exiting the Russian market, closing their offices in the country and stopping investment projects, etc. As a result, Russians working in these companies are probably going to lose their jobs.
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According to Bloomberg, about 3 million Russian citizens work in Western companies and joint projects financed by Western companies.
According to Goldman Sachs and JPMorgan, Russia`s economy will shrink by 7% in the course of this year. For comparison, when Russia defaulted in 1998 its GDP fell by 5,3%.
