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World economy not enveloped in new wave of crisis

March 02, 2012, 8:47 UTC+3
“The problem is not only in the debt crisis, but also in serious weakness of domestic growth factors in the eurozone,” Klepach said
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BELOKURIKHA (Altai Territory), March 2 (Itar-Tass) — The global economy is not enveloped in a new wave of the crisis, Russian Deputy Economic Development Minister Andrei Klepach said on Friday.

“2012 is the year of stagnation for the eurozone,” he told the international winter grain conference in the Altai Territory’s resort of Belokurikha.

He forecast that the eurozone’s GDP growth will stay at minus 0.3 percent.

“The problem is not only in the debt crisis, but also in serious weakness of domestic growth factors in the eurozone,” Klepach said.

The European economy will face “a long-running road to get out of the crisis.”

However, the deputy minister forecasts certain growth already in 2013.

“The U.S. economy shows good figures now”, but its growth rates will slow down,” Klepach said. “At present, the GDP growth is 2 percent, and by the end of 2012 it is expected to reduce to 1 percent,” he said. “We are in a high turbulence zone.”

The Altai Territory’s resort of Belokurikha hosts the international winter grain conference unofficially dubbed as “Grain Davos” for the fifth time. It earned good reputation in business circles for making accurate forecasts concerning the market fluctuations and grain prices.

The conference’s organizers told Itar-Tass that it brought together 100 companies from 17 Russian regions, Kazakhstan and Germany.

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