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Former finance minister predicts Russia's economy may have minimal growth in 2017

The pace of Russian economic growth in 2019 may exceed 3%, and reach 4% by 2021, the expert said

© Vladimir Smirnov/TASS

MOSCOW, December 29. /TASS/. The Russian economy is recovering slowly and minimal positive growth may be observed already in the beginning of 2017, Chief of the Center for Strategic Research (CSR) and ex-Finance Minister Alexei Kudrin said on Thursday in an interview with Rossiya 24 TV Channel.

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Experts on what's in store for Russia's economy in 2017

"The Russian economy is recovering slowly; most probably we will minimal yet positive growth rates early next year," Kudrin said.

The pace of Russian economic growth in 2019 may exceed 3%, and reach 4% by 2021, the expert said. "In 2019 we can already go higher than 3%, and somewhere in 2021-2022 reach the level of 4%. Actually we set all our guidelines to reach these targets and all of our measures come from this," Kudrin said.

Meanwhile, oil prices remain unstable so far and there is a wide range of factors capable of influencing on their decline, the expert said.

"Problems with oil prices volatility remain. They are unstable and we cannot perceive them as strong. This depends on many arrangements or failure to perform these arrangements, including in respect of production cut. At the same time, a whole range of factors exist that may influence on decline [of oil prices], including extra production across the globe, and probably on demand stagnation if the situation with economic growth in China complicates," the expert said.

On Development Strategy-2024

The Center for Strategic Research (CSR) will prepare final proposals on the 2024 Development Strategy of Russia by January - February of the next year, Kudrin stressed.

"The work on Russia’s development strategy is in full swing. We still have proposals or alternative scenarios on the majority of issues. We are proactively discussing them with the professional community, leading experts and government members. The picture of many decisions may only be finalized in January - February."

No final strategic decisions were made at the meeting with Prime Minister Dmitry Medvedev on December 27, Kudrin said. "We talked about progress in work, about most serious diverge points on that path," he added.

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