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No risk of recession in Russian economy this year – Kudrin

April 18, 2013, 13:51 UTC+3

In his opinion, high inflation is one of the worst problems

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MOSCOW, April 18 (Itar-Tass) – Russia’s former finance minister Alexei Kudrin sees no risk of a recession in the Russian economy this year.

“I believe that a deep recession can be avoided,” Kudrin told the media on the sidelines of Sberbank’s forum Russia-2013.

He believes Russia is faced with some risks related with Europe, with falling economic growth rates and with the United States.

“That will influence us, of course,” he said.

Kudrin believes that this year will see certain growth, although a small one, about three percent.

“We should look into next year on the basis of this year’s results,” Kudrin said.

In his opinion, high inflation is one of the worst problems.

“It blocks low interest rates on loans to the real sector of the economy,” Kudrin said. A year ago inflation measured 3.7 percent against the previous year. Currently it runs at 7 percent.

“This is evidence of a poor monetary and credit policy and sometimes inconsistent actions by our state,” the former finance minster said.

At the same time Kudrin pointed out that there was no need for injecting more cash into the economy, because that would worsen the inflation situation still further.



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