In the situation of low oil prices, the economy can return to growth only through the timely establishment of Federal reserves, low public debt, flexible exchange rate, said former Minister of Finance of the Russian Federation, head of the Committee of civil initiatives Alexei Kudrin.
DAVOS (Switzerland), 21 Jan. The Russian economy will come to a positive performance in the past one or two years, according to the former Minister of Finance of the Russian Federation, the head of Committee of civil initiatives Alexei Kudrin.
“The economy of the Russian Federation within one-two years will leave on positive indicators,” he said, explaining that in the situation of low oil prices that can occur as a result of a combination of several factors: timely establishment of Federal reserves, low debt and flexible exchange rate.
“We all expected that once the price of oil will fall. But there are circumstances that help to survive the period of low oil prices,” said Kudrin during a meeting with investors organized by VTB Capital at the world economic forum in Davos. In particular, he noted that “a flexible exchange rate (ruble — ed.) allowed to adapt the economy (to the current situation — ed.)”.
According to the official forecast of Ministry of economic development of the Russian Federation, prepared on the basis of average oil prices of $ 50, in 2016 is expected to increase GDP by 0.7%. However, the Ministry has developed the scenarios based on the price of oil to $ 40 per barrel, which, according to the newspaper “Vedomosti”, suggest the decline of the economy in the current year by 0.8%.