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Russian economic recovery unlikely before 2nd quarter of 2016 — ex-finance minister

May 29, 2015, 16:10 UTC+3 MOSCOW
The ex-finance minister said in his estimates Russia’s GDP fall would be more profound in the second quarter of 2015 than in the first quarter
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Former Finance Minister Alexey Kudrin

Former Finance Minister Alexey Kudrin

© Stanislav Krasilnikov/TASS

MOSCOW, May 29. /TASS/. The Russian economy is unlikely to start recovering before the second quarter of 2016, former Finance Minister Alexey Kudrin said on Friday.

Kudrin who is currently a member of the Supervisory Board of Russia’s largest state-owned lender Sberbank said the economic situation in the country had become more understandable but "the second quarter [of 2015] will be worse than the first quarter."

"This is because the situation in the current second quarter is not improving and is exactly worsening so far. We’ll see the situation to deteriorate by various signs during the year," the ex-finance minister said.

The ex-finance minister said in his estimates Russia’s GDP fall would be more profound in the second quarter of 2015 than in the first quarter.

The third and fourth quarters will register a larger reduction in the financial results of enterprises, although the GDP decline will not be as significant as in the second quarter, the ex-finance minister said.

"Enterprises will experience considerable difficulties in the next six to twelve months until the second quarter of 2016 while investments will not start to grow. This means that the economy will not start recovering," Kudrin said.

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