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Russia

Russia has overcome worst of credit crisis — deputy PM

"Some sectors have shown a revival, and we are seeing positive industrial growth"
13:31 16/09/2009

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MOSCOW, September 16 (RIA Novosti) - Russia has overcome the worst phase of the current global economic crisis and is gradually beginning to recover, a first deputy prime minister reported to the lower house of parliament on Wednesday.

The State Duma invited Igor Shuvalov and Sergei Ignatyev, the head of the Central Bank, to deliver a report on the government's anti-crisis measures.

"Our statistics departments have reported that the worst stage of the crisis is now over [in Russia], we are certain of that," Shuvalov said, adding that the country had finally taken the path toward a "cautious" revival.

The deputy premier described as positive prospects for Russia's economic development for the rest of the year.

"Some sectors have shown a revival, and we are seeing positive industrial growth... Taking into account all anti-crisis measures, we think prospects for the rest of 2009 are quite favorable, quite positive," Shuvalov said.

He said inflation could reach some 11%, and that the country's GDP was expected to fall by over 8% in 2009.

However, Shuvalov confirmed an earlier forecast that the country will only return to pre-crisis levels in 2012.

Russian Prime Minister Vladimir Putin gave a "conservative" forecast on Tuesday that the country's GDP growth could be higher than 1.6% in 2010.

Alexei Kudrin, Russia's finance minister, told the Reuters Russia Investment Summit on Tuesday that the country had "sailed well through the crisis," and that he believed even 3.5% growth could make Russia "a major locomotive for the world's economy."

 

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RIA Novosti"Some sectors have shown a revival, and we are seeing positive industrial growth"Russia has overcome worst of credit crisis — deputy PM

13:31 16/09/2009 Russia has overcome the worst phase of the current global economic crisis and is gradually beginning to recover.>>

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