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Russia's ex-finance minister expects further contraction of country's GDP

January 22, 2016, 12:16 UTC+3

According to Alexey Kudrin, the peak of the crisis is still ahead

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Russia's ex-finance minister Alexey Kudrin

Russia's ex-finance minister Alexey Kudrin

© Sergei Bobylev/TASS

DAVOS, January 22. /TASS/. No one has expected this kind of price collapse on the oil market, the former Russian finance minister and the head of the Civic Initiatives Committee thinktank, Alexey Kudrin, said at the World Economic Forum in Davos on Thursday, adding that this created a new reality and the peak of the crisis is still ahead.

"The year of 2016 is carrying risks. Neither presidential aides no I expected this kind of oil price collapse, and this has created a new reality. That’s why the peak of the crisis is still ahead," Kudrin said.

Earlier the Economic Development Ministry forecasted economic recession at the level of 3.7-3.8% for this year while currently the ministry is reviewing its estimates.

As Vedomosti business daily reported earlier, according to the currently discussed scenario of social and economic development, the country’s GDP will contract by 0.8% versus 0.7% growth expected earlier; average annual exchange rate of the ruble will stand at 68.2 rubles per dollar; price for Urals oil will be $40 per barrel, inflation will equal 8.5% and capital outflow will reach $50 bln.

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