Global Financial Markets in 2020: Preliminary Results[Мировые Финансовые Рынки В 2020 Г.: Предварительные Итоги]

Despite the pandemic and economic recession, the year 2020 can be regarded as quite successful for numerous financial markets in terms of appreciation of various currencies against the US Dollar and equity indices’ positive yield. The Russian ruble was among the weakest currencies and the RTS index yield was negative. With the Russian ruble and Russian companies’ equities being undervalued in 2020, one can expect the strengthening of the Russian national currency and equities’ positive rate of return in 2021. Economic relief packages put in place by a host of countries have been instrumental in mitigating the pandemic’s implications and hold out a hope of growth revival in 2021. However, after the pandemic most major economies will face the challenge of raising their global competitive edge and carrying out structural reforms. As seen from China’s experience, in dealing with the specified challenges they give preference explicitly to the idea of the state’s greater interference in the economy. It remains to be seen to what extent such a policy is effective and needed in other countries.