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Russian economy to start growing in 6 months but growth will be low — Kudrin

November 18, 2015, 15:59 UTC+3 ST PETERSBURG
In October, Economic Development Ministry recorded a slight increase in industrial production
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ST PETERSBURG, November 18. /TASS/. Former Russian Finance Minister and Chairman of the Committee of Civil Initiatives Alexei Kudrin believes that the Russian economy will resume growth in the next six months, but the growth will be only about 1.5% a year, which is a big challenge for the country.

Talking to reporters at the Calvert Forum in St. Petersburg on Wednesday, Kudrin said:

"We expect that in the next six months we will switch to a growth. But, unfortunately, it will be low for some time, which is a major challenge for Russia," - Kudrin said.

"If we do not solve structural problems of the country's large and do not start reforms in a number of industries, we will get stuck and the growth will be small - 1.5%,"he said.

In October, Economic Development Ministry recorded a slight increase in industrial production / net of a seasonal factor/. But according to the Federal Statistics Agency that figure was negative and amounted to - 0.1%.

According to the forecast of Economic Development Ministry, in 2015, Russia’s industrial output will decline by 3.3-3.4%.

In 2016, the figure, according to the baseline forecast will grow by 0.6%.

In 2017, according to the Economic Development Ministry, the growth will accelerate to 1.5% in 2018 - to 1.9%.

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