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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     

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