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Russian economic growth possible at 3–4% of GDP in 2013 – Presidential Adviser Elvira Nabiullina

April 18, 2013, 9:25 UTC+3

In her view, institutional reforms are needed for a higher growth

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MOSCOW, April 18 (Itar-Tass) – The Russian economic growth is possible at 3–4% of GDP this year, Russian Presidential Adviser Elvira Nabiullina believes.

“We are lower than the growth potential now,” she told reporters, noting that “we will witness in 6–7 months whether a recession will be.”

Meanwhile, Nabiullina is confident that the economic growth “is possible within 3–4% of GDP with the operational state of the institutes.” In her view, institutional reforms are needed for a higher growth.

Minister of Economic Development Andrei Belousov warned before that the country can slide in a recession if not to take the measures for economic stimulating. Meanwhile, he noted that “we are not in a recession yet, but we can get there, as there is such risk.”

Deputy Minister of Economic Development Andrei Klepach noted that the Ministry of Economic Development reduced its forecast for the GDP growth from 3.6% to 2.4% in 2013 and the forecast for the inflation rate at 5.8% (5.6% before). “The GDP growth will reach 2.4%,” he said, noting that the previous forecast was at 3.6% of GDP for this year.

In his words, the capital flight may reach 30–35 billion dollars in 2013. In a new forecast the investments in the fixed assets will reach 4.6%, the oil price is expected to be 105 dollars per barrel in 2013 with a further decline to 100 dollars.

Commenting on the GDP growth, Klepach noted that this tendency is linked with a low export and low investments in the fixed assets.

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