Opposition leader Vladimir Neklyayev detained in Belarus - news agency directorWorld March 25, 5:33
Russia submits amicus curiae brief to US Supreme CourtRussian Politics & Diplomacy March 25, 3:34
Russia, China suggest for UN SC to adopt resolution on chemical terrorism threatRussian Politics & Diplomacy March 25, 3:23
Russian lawmaker compares European Union to Soviet UnionRussian Politics & Diplomacy March 25, 3:16
Russian emergencies ministry says fire at Kazan’s gunpowder factory fully extinguishedWorld March 25, 3:01
Relations btw US, Russia worst over half-century - Lukin quoting KissingerRussian Politics & Diplomacy March 25, 2:58
Russia suggests setting up international coalition for demining operations in SyriaRussian Politics & Diplomacy March 25, 1:08
One person dies in fire at gunpowder factory in Russia's KazanWorld March 24, 21:47
Russia's 'Gentlefan' baton passed on to Krasnodar ahead of Cote d’Ivoire friendlySport March 24, 21:34
KRASNOYARSK, February 28. /ITAR-TASS/. Ukraine’s social and political unrest will not affect Russia’s economic growth, says Vladimir Mau, rector at the Russian Presidential Academy of National Economy and Public Administration and Presidential Economic Council member.
Factors of Russia’s economic growth in many respects depend on decisions of its own monetary authorities, he said.
“The question is whether devaluation could stimulate economic growth or hamper it. An answer to this question can be found only through experiments. No theory can be used in this case,” Mau said in an interview with Itar-Tass on Friday, adding that devaluation had both factors spurring economic growth and curbing modernization.
“It will become known only post factum how these factors will influence each other and what effect it will exert on economic growth. There cannot be any serious and responsible calculations on this theme,” the expert said.
Mau said it would be “not so good if consumer lending becomes the main driver of growth.”
“In my opinion, a rise in consumer lending is dangerous from macroeconomic and social points of view,” the expert said, adding that the share of consumer loans made up 11-12% of Russian GDP while it stood at 85% in the United States. However, Russian households spent as much as those in the US to service loans, he noted.