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Economy Minister Downgrades GDP Forecast
5.12.2013 19:00
Economy Minister Downgrades GDP Forecast
Photo Credit: http://rosinform.ru

The Economic Development Ministry has downgraded its GDP forecast for 2013 and 2014, says Vedomosti.

      The Russian economy is unlikely to grow by more than 1.4 percent this year, the daily quotes Alexey Ulyukayev as saying on the sidelines of the WTO ministerial meeting on Bali.

      The forecast had been slashed repeatedly amid weak macroeconomics and failure to implement structural reforms to improve the investor appeal.

      Alexey Ulyukayev also admitted stagnation will continue in 2014 while inflation is expected to reach 6.2 percent, up 2 decimal points on earlier forecast.

      Growth in Russia in 2012 fell to 3.4 percent from 4.3 percent a year earlier. In June 2013, Alexey Ulyukayev replaced Andrey Belousov as Economic Development Minister, but has so far failed to kick-start the economy.

      Between 2004-2013, Ulyukayev served as First Deputy Chairman of the Russian Central Bank. To read more on his biography go to this page

      According to the IMF, Russia’s prospects “have been dampened by a weak external environment, some acceleration of capital outflows and declining equity prices and subdued investment”.

      Industrial output has been flat within the past ten months, and the privatization campaign announced earlier by the Medvedev cabinet has stalled amid a bleak economic outlook and reluctance of state corporations’ management to share their revenues and power with foreign players.

       




Author: Mikhail Vesely

Tags: Alexey Ulyukayev Russian government Russian economy   

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