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."
