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Global trade wars key risk for Russian economy in 2020-2022, says minister

Economic Development Minister Maksim Oreshkin believes that "the global economy will not contribute to a faster growth of Russia’s economy"

MOSCOW, August 26. /TASS/. Economic Development Minister Maksim Oreshkin considers further deterioration of the global economic environment amid trade conflicts to be the key risk factor for the Russian economic development.

"(Russia’s) Economic Development Ministry projects that global economic growth will decline below the 3% mark in 2019 for the first time since 2009. Considering the ongoing trade wars that are an additional brake on global economic growth, the outlook has been revised downwards. Global GDP growth is expected to slow down to 2.5% in 2024," Oreshkin told a briefing on Monday.

He added that "the global economy will not contribute to a faster growth of Russia’s economy."

The minister said earlier that the possible global crisis due to the US-China trade conflict would negatively influence Russia, though the country is better-prepared for that crisis than for those in 2008 and 2014 thanks to the fiscal rule and the inflation targeting policy.