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Economic Development Minister forecasts better results in second half of 2013

August 12, 2013, 13:22 UTC+3
Russia’s Minister of Economic Development Alexei Ulyukayev stressed he could not see reasons to review the forecast for the year’s economic growth
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ODINTSOVO /Moscow region/, August 12 (Itar-Tass) - Russia’s Ministry of Economic Development hopes the results of the current year’s second half will be better than those of January-June, Minister Alexei Ulyukayev told reporters on Monday.

“I repeat - those are statistics exercises, which do not affect the general estimation that the results of the second half of the year will be much better than those of the first half, both due to the base effect, and to the agricultural year, and due to the changes of rates,” the minister said.

“There are many factors, which allow us to say that results of the second half of the year will be much better than those of the first half, if calculated in the GDP shares, as well as in industrial indexes.”

Ulyukayev stressed he could not see reasons to review the forecast for the year’s economic growth.

Speaking about a recession, the minister explained: “the risk is here, and the objective of the economic policy is to mind all the existing risks.”

Meanwhile, the Kommersant published on Monday an interview with Ulyukayev, where the minister claimed the Russian economy did not and would not have any recession.

“Stagnation is probably a timely term now,” he said answering a question how his ministry characterized the current state of the economy - as a beginning recession or as stagnation.

Ulyukayev gave reasons why recession was impossible in the Russian economy: “There is consumer demand, there is export.”

“Russia’s pure export cannot be a mighty driver of the economic growth, but it may well be used to offer for many years not very high, but positive growth rates,” the minister said. “Our structural and social matrix is able to keep the growth rate at about three percent. This would be an average global growth rate.”

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