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Russian economic landscape grim
[Iran Press TV Latest] A Russian economic official has warned that the country will experience zero to 1.3% economic growth during 2010, a trend that will drag into the next decade. "In 2010 the (GDP) growth could be 0-1% but maybe as much as 1.3%," Andrei Klepach, deputy economic development minister said on Saturday. Speaking at the Saint Petersburg Economic Forum, Klepach added that the numbers are not fixed as they will largely "depend on structural reform of the economy and how private business raises investment." "We can hardly expect to see economic growth rates of 4-5% a year for the next decade. We are facing stagnation or slow growth," he said. The worst economic downturn since the Great Depression, has hit the Russian economy. The International Monetary Fund on Monday said the country's economy will contract 6% this year and expand 0.5% percent in 2010. The economy is hugely dependent on the price of oil, currently at around 69 dollars a barrel after plunging from record highs above 147 dollars last July. Posted by: Fred 2009-06-07 |
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