Add to favorite
 
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

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   

Next Previous


You might also find interesting:

Venture Fund for Food Tech Startups
27.09.2019
Tmall Marketplace will Start to Sell Medical Goods and Cosmetics in Russia
16.05.2019
The Cumulative Wealth of the Richest Russians has Grown by $ 35.6 Billion
26.08.2019
The Fitch Ratings Agency Confirmed Russias Investment Rating at BBB Level
25.02.2019
The Most Successful Entrepreneurial Dynasties
17.09.2019







Comment on our site


RSS   twitter   facebook   submit

Bookmark and Share

search on the map
TAGS:
Moscow  Lesozavodsk  Aeroflot  Znamensk  Maks aviation show  Arkhangelsk region  LGBT in Russia  travel to Russia  Comics  Russian Screenwriters  Rina Zelyonaya  lawyer  Zenit St. Petersburg  Bashneft  Exhibitions in Moscow  Russian business  3D Printing  humanitarian aid  Murmansk  Znamenskoye-Rayok  Russian regions  Russian Cinema  Russian tourism  Russian Arts and Crafts  calendar  Festivals in Moscow  Astrakhan Region  Golden Ring  Vladimir Ovchinnikov  Dmitry Mendeleyev  Dance Open Ballet Festival  Ilya Mechnikov  Concerts in St. Petersburg  Russian Astronauts  Stavropol Krai  New Medicines  Mercedes-Benz Fashion Week Russia  Primorsky Territory  Ishim  Russian journalists  Mikhail Bulgakov  Staraya Ladoga  Russian Composers  Plesetsk space port  Tver region  active holidays in Russia  St. Petersburg  Alexei Batalov  Lipetsk   Detsky Mir 


Travel Blogs
Top Traveling Sites