"The fall of oil prices to $50 per barrel will not generate a crisis. The Russian economy [in 2009] will be able to grow 3-3.5% and in 2010 may reach the trend of 5%," Klepach said at the Russian economic and financial forum in Austria.
In its transition report, the European Bank for Reconstruction and Development revised downwards its GDP growth forecast for Russia in 2009 from 6% to 3%.
The EBRD also predicted that Russia's GDP was expected to grow 7.3% in 2008.
The EBRD said the rapidly declining volumes of liquidity in the Russian financial system coupled with the absence of access to foreign sources of credit were the main sources of danger for Russia's economic growth.
Klepach also said that the average price for Russia's Urals crude is expected to be at $50 per barrel in 2009, $55 per barrel in 2010 and $60 per barrel in 2011.
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