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Ex-minister: Russian economy to decline 1% in 2016

April 26, 21:10 UTC+3
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MOSCOW, April 26. /TASS/. The Russian economy may decline 1% at 2016 year-end, Chairman of the Russian Center for Strategic Research and ex-Finance Minister Alexei Kudrin said on Tuesday.

"My forecast is the contraction of about one percent against the oil price of $43 [a barrel] if it is the average price," Kudrin said.

Russia’s GDP fell 3.7% in 2015. The Economic Development Ministry projects the 0.2% drop of the economy in 2016.

Furthermore, the state management efficiency is very low at present, Kudrin said.

"The level of the state management and the efficiency of the statement management are very low now. Accordingly, measures are taken to improve the state management," Kudrin said commenting on news that Prime Minister Dmitry Medvedev approached President Putin with a proposal to set up a state commission on national administration reforms.

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