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Russian economy likely to shrink — deputy PM

February 19, 2016, 8:33 UTC+3 KRASNOYARSK

According to the Economic Development Ministry’s official forecast, Russia’s GDP will grow by 0.7% in 2016

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© ITAR-TASS/Stanislav Krasilnikov/archive

KRASNOYARSK, February 19. /TASS/. Russian economy is most likely to shrink over the short term, though there is no predeterminacy, Russia’s Deputy Prime Minister Arkady Dvorkovich said at a breakfast meeting organized by TASS within the Krasnoyarsk Economic Forum Friday.

"Speaking about most short-term forecasts almost everyone projects contraction of our economy. I don’t want to do anything with this forecast, I don’t want to execute it as I think it is not interesting and is absolutely senseless. Also, I think it’s not predetermined that we’ll face contraction this year. Yes, it’s most likely due to a number of reasons, but there is no predeterminacy," Dvorkovich said.

According to Deputy PM, the situation in the country’s economy almost fully depends on financial authorities though certain external factors may be too strong.

However, he added, the Russian government is able to ensure stability of the country’s economy in case most global economic development scenarios are realized.

"We should keep our financial sovereignty and sustainability. Each day we have to search for balance, take tens of decisions in various areas each day without exaggeration. Nevertheless we should keep in mind that trust, independency in decision-making is crucial for us as we rely on our main wealth - people and territory," Dvorkovich said.

"Andrey [Klepach - deputy chairman of the VEB development bank - TASS] spoke about hydrocarbons, which will still remain the core of the economy. Probably yes, it’s a foolish thing to deny our natural wealth," Dvorkovich said.

However, he added, it’s necessary to think about other two items of national wealth - territory and people. "The territory is an opportunity to provide food and other resources both to ourselves and the world while people are an opportunity to define technological development," Deputy PM said.

According to the Economic Development Ministry’s official forecast, Russia’s GDP will grow by 0.7% in 2016.

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