Ulyukayev: the Russian economy has already emerged from recession

Ulyukayev: the Russian economy has already emerged from recession

MOSCOW, 4 February. The Russian economy has already emerged from recession, told journalists the Minister of economic development Alexei Ulyukayev.

“By definition, a recession is when two quarters in a row there is a decrease. In this sense, the recession is over, it’s not,” said the Minister.

Ulyukayev also said that in December, with seasonality, the decline in GDP was 0.1% in relation to November. “There is a smoothing of recession, I think that soon it will end,” – said Ulyukayev.

A new plan of action

According to him, the plan of action in the economy will be ready within weeks, but not all requests of the agencies can be met.

“We need to clarify some positions, because ministries and agencies have a large number of requests, not all of them can be satisfied. Now need to find that balance,” he said, noting that the Ministry of Finance managed to agree on the financing.
“Within the next week the plan is approved. I think about it’s funding we have agreed in principle”, – said the Minister.

Earlier, Ulyukayev said that the draft plan is currently “very active” and it is constantly being adjusted. However, as was mentioned by the Minister, the MAYOR shall take into account the suggestions of the expert and business communities and members.

Unlike anti-crisis plan of the government in 2015, the plan to support the economy will mainly consist of financial investments in banks and enterprises, and measures to stimulate economic growth over the long term. In particular, the government’s plan will include measures to support small and medium businesses, whose share in GDP is expected to grow twice by 2030. Most of the measures of the plan does not provide for additional budget expenditures. The need for a plan was due to the downturn in the economy due to a sharp fall in oil prices

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The interest in privatization

The MAYOR noted “huge interest” of investors to the idea of expanding the privatization program, also said the speaker. “We see tremendous investor interest, and we believe that Russian assets are now seriously undervalued, it creates additional demand. It is no coincidence that when there is information about the acceleration of the privatization program, just a huge interest of investors has emerged,” he said.

According to the speaker, foreign investment is growing, although the pace of this growth is now somewhat lower. “I think we can return the rate of this growth to high levels,” – calculates the head of the MAYOR.

Previously Ulyukaev said that Bashneft ALROSA and Rosneft may be privatized in the first place. According to him, it’s a public company that is listed on the market, therefore they are technically and legally ready for the best privatization and best known to the investor.
At the same time on 2 February President’s press Secretary Dmitry Peskov told journalists that the final decisions on the list of companies for privatization in 2016 are not accepted, the government entrusted with its finalization, in order again to discuss the plan with the participation of heads of state