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Economics ministry does not revise socio-economic forecast - Nabiullina

October 06, 2011, 18:40 UTC+3
"If oil prices fall to 80 dollars per barrel, the GDP growth will remain above 2.2 percent," she said
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MOSCOW, October 6 (Itar-Tass) —— The Ministry of Economic Development does not revise its forecast of socio-economic development, despite the crisis events of recent weeks, Economic Development Minister Elvira Nabiullina said at the plenary session of the VTB Capital forum Russia Calling.

"Despite the fact that the figures were predicted before the onset of the crisis events in the global economy in recent weeks, we're not going to review them, but we do make evaluations under different scenarios," Nabiullina said.

Nabiullina said that her ministry had conducted a stress test for the stability of the macroeconomic situation.

"If oil prices fall to 80 dollars per barrel, the GDP growth will remain above 2.2 percent," she said. "In case of a reduction to 60 dollars, the GDP may fall by 1.5-2 percent." However, she stressed that "in case of continued unfavorable trends and the use of all internal factors for growth, the economy will resume the rise in 2013-2104 by 3.5-3.7 percent."

"Even if oil prices fall to dollars 60 per barrel in annual terms, Russia will retain room for maneuver for the resumption of fiscal incentives programs," she says.

 

 

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