Businesses in Russia have lost faith in a quick recovery of the economy and waves of mass layoffs are expected.
Russian companies will be forced to lay off workers due to a drop in demand in the internal and external markets and the lack of hope for a quick economic recovery.
This was stated by the head of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin.
In the past, the factories tried to preserve the workforce by moving workers to a three or four day work week. Now, Shohin believes that such steps are pointless.