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

Kudrin Predicts Stagnation
September 9, 2015 10:32


The share of Russia in the global GDP in 2020 will become the smallest in the country’s history since the collapse of the Soviet Union, as the former Minister of Finance, the Head of the Committee of Civil Initiatives Aleksei Kudrin thinks. He expressed this opinion in an article published in the “Kommersant” newspaper on Wednesday, September 2.

“Now we are doomed to slow growth - 0.5-1.5 percent of GDP after 2016, which means stagnation. By 2020 the share of our economy in the global GDP will be the smallest in all the years of the modern Russia - about 2.6 percent” - he predicted.

The former Finance Minister considers that business needs a plan of reforms in order to accelerate growth. “Until now there has been no such clarity and readiness for reforms in the actions of the government” – Kudrin notes. The main obstacles named by him include the selective strengthening of monitoring and law enforcement functions, inspections in the field of deoffshorization, control over prices and currency transactions – “all this increases the pressure on business”. The finance expert also emphasized the fact that Russian sanctions introduced in response to Western countries led to “shock therapy”, despite import substitution.

“Domestic production automatically got an advantage upon deep devaluation, and this decision only inflated prices, reduced the standard of living, increased the growth of credit rates and paralyzed many businesses” - he explains. “The main challenge for the government today is to conduct structural reforms: budgetary, judicial, law enforcement ones, the reform of state-owned companies and a number of others. Only they can reduce dependence on oil and provide an access to sustainable growth”- Kudrin considers.


Author: Anna Dorozhkina

Tags: Kudrin     

Next Previous

You might also find interesting:

Withdrawal Of Cash From Unnamed Plastic Cards And Electronic Wallets Will be Prohibited Internet Disconnection In Case Of Emergency Details Of Yves Rocher Case Elvira Nabiullina Gave Comments On Monetary Policy A Law On Undesirable Foreign And International Organizations Was Signed

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Russian Parliament in Action

search on the map
Russian Cinema  Mercedes-Benz Fashion Week Russia  Caricatures  Russian history  Russian Film Directors  Vladimir Vernadsky  banned products  Russian business  Contemporary Writers  Prince Vladimir  MAKS-2015  animals  BEssARION  Moscow events  Russian television  Moscow Theatres  Kurshskaya Spit  Russian churches  Russian tourism  ecology  Military Aircrafts  Russian science  Exhibitions in Moscow  Film Festivals  Tourist Attractions  Ukraine  migration in Russia  Election 2012  Sberbank  Moscow  Peterhof  dance  Samara  Marina Tsvetaeva  Kirov  Archeology  virus   Russian banking system  Southern Ural festival   Painting  Skopin  Birchbark Manuscript  Saint Petersburg Museums  Prince Harry  Baikal  Open Data Portal  Bezhetsk  Russian Literature  Drinks  Igor Sechin 

Travel Blogs
Top Traveling Sites