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Russia's Sberbank CEO expects debt crisis to continue in 2016

June 19, 2015, 11:12 UTC+3 ST. PETERSBURG

Sberbank CEO German Gref expects no increase and recovery growth in early 2016

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Sberbank CEO German Gref

Sberbank CEO German Gref

© Mikhail Japaridze/TASS

ST. PETERSBURG, June 19. /TASS/. Sberbank CEO German Gref expects the debt crisis to continue in 2016, he told journalists at the St. Petersburg International Economic Forum (SPIEF-2015).

"We believe that we will see, among other things, the debt crisis at least in the first quarter of next year. The next year you’ll be able to talk about some recession, but not an increase. So far I do not see sources for growth. Recovery growth is possible, but we’re more likely to spin around zero," he said.

The Economic Development Minister Alexey Ulyukayevexpects to see the beginning of recovery growth in the Q4. "Thus the recession will last three quarters. The recovery growth will begin in the fourth quarter," he said.

At the same time, according to his estimations, Russia could reach the level of potential GDP growth rate of 2%-3% by mid-2016. "I believe that we have a good opportunity to reach the potential level of output by the middle of 2016," the Minister said. He noted that the potential growth of Russia's GDP is estimated at 3.2%, below the world average.

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