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RUSSIA'S ECONOMY

Russian government plans to reach at least zero economic growth in 2016 — deputy PM

According to Arkady Dvorkovich, over the last six months Russia’s economic growth was slightly more than a zero and the cabinet hopes to avoid further decline in economic activities

Russian Deputy Prime Minister Arkady Dvrokovich Mikhail Metzel/TASS

Russian Deputy Prime Minister Arkady Dvrokovich

© Mikhail Metzel/TASS

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HONG KONG, January 18. /TASS/. The Russian government hopes to reach at least a zero economic growth in the country in 2016, Russian Deputy Prime Minister Arkady Dvrokovich told reporters at a plenary session in the Asia Society center in Hong Kong.

"We are holding consultations with the Central Bank of Russia and Finance Ministry. The financial authorities and the Finance Ministry should be more conservative than other members of the cabinet, but we believe that we will be able to find a balance in the fiscal policy and possibilities to boost industries and agriculture and to ensure at least a zero economic growth in 2016 in the current conditions," Dvorkovich said.

According to him, over the last six months Russia’s economic growth was slightly more than a zero and the cabinet hopes to avoid further decline in economic activities.

The Deputy Prime Minister assed that the government knows how to ensure the economic growth even if oil prices are low.

"It will be hard. If last year the average oil price was $51 per barrel, than if this year the price is about $30 per barrel we can easily explain the recession but we don’t want to do this. We want to ensure some economic growth even with low oil prices and we know how to do it," - Dvorkovich said.

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Economy Arkady Dvorkovich

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