NEYVA Bank: We’re In for a Major, Prolonged Global Crisis

28 April 2020 (09:12)

UrBC, Yekaterinburg, April 28, 2020. NEYVA Bank’s management coordinated a live Q&A session to answer the most pressing finance-related questions and suggested its customers prepare for hard times in advance.

Vice Chair of the Board at NEYVA Bank Pavel Yefremov said during the online webinar that the current global financial crisis would be different from all the other ones and would very likely be quite long.

‘I don’t believe we’ll see anything positive happening before the end of the year. Even the leading analysts cannot say at the moment how deep the global economic recession will be and how fast the economy will recover. Even in the best-case scenario, the economy might start recovering in the last quarter of the year at the soonest,’ Yefremov says.

The banker suggested it would be expedient for their customers to start preparing for harder times. For one, he recommended creating or building up on one’s rainy day savings in case things go from bad to worse economically.

Other materials on the topic::