Even in hard times, people wear smiles — and masks

As for most countries, this has been an extremely difficult year for Russia. Amid the double blows of the coronavirus pandemic and the oil price collapse, the country’s economy faces the biggest downturn in years because of the sluggish international energy business and the devaluation of the rouble.

Before the pandemic hit the economy, Russia faced an oil price war with Saudi Arabia on March 8 as the latter facilitated a 65 percent quarterly fall in the oil price. In the first weeks of March, US oil prices fell 34 percent and the price of Brent oil fell 24 percent.

The next day the rouble was devalued. On March 9, Russian markets were closed for International Women’s Day, and the value of the rouble on the online exchange Forex plummeted, leaving the currency valued at 75 per US dollar and 85 per euro. Russian media dubbed it Black Monday, and it was a stark reminder of the devaluations of the rouble in 2016.

But this time the country was well prepared. Food prices in supermarkets were stable, and there was no shortage of daily necessities such as toilet paper and spices, or of alcohol.

Then the Russian economy was hit again in April, this time by the pandemic. The government had hoped these woes would pass by summer, the few warm months when Russia welcomes the most foreign tourists, but eight months later COVID-19 is still well and truly with us.

The number of cases has risen sharply in the euro area, Russia’s largest trading partner, since October and this has imperiled the nascent economic recovery as authorities in several countries maintain or reintroduce control measures.

The Russian economy contracted by 8 percent from April to June and by 3.4 percent from July to September, shrinkage that is expected to continue until the end of the year because of the virus resurgence.

However, countercyclical fiscal policy, accommodating monetary policy, together with sizable macrofiscal buffers and targeted social policies put in place to attenuate poverty have helped contain its impact.

Despite all this there is no noticeable change in the lives of most Russians. Near Red Square recently, Muscovites have been pouring into the famous Gum shopping mall, keen to snap photos of the Christmas tree at the center of the square — most wearing masks.

When you think about it, this is just what Russians are supposed to be like: confident and indefatigable when they face very tough challenges.

I’m preparing a video for some livestreaming on New Year’s Eve and had the chance to chat with one or two local youngsters the other day.

“If you had a time machine and could return to the beginning of this year, what would you say to yourself?” I asked a university student.

“Just smile — with a mask,” she said.