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Ukraine troubles no brake on Russia’s economic growth, expert says

February 28, 2014, 16:58 UTC+3 KRASNOYARSK
Factors of Russia’s economic growth in many respects depend on decisions of its own monetary authorities
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Vladimir Mau

Vladimir Mau

© ITAR-TASS/Denis Vyshynsky

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.

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