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Positive effects on Russia’s economic growth unlikely to happen overnight, says minister

According to the Russian State Statistics Service, in 2018 the growth of the Russian economy was 2.3%

Russia’s Minister of Economic Development Maxim Oreshkin Alexandr Sherbak/TASS

Russia’s Minister of Economic Development Maxim Oreshkin

© Alexandr Sherbak/TASS

MOSCOW, September 2. /TASS/. The measures taken by the Ministry of Economic Development to bolster Russia's economic growth will not bring results at the drop of a hat, but may take some time, as the ongoing processes have "a lot of inertia", Minister of Economic Development Maxim Oreshkin said in an interview with TASS.

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"Let me remind you that last year, economic growth amounted to more than 2%. Prior to that, in 2017, it was 1.8%. It is clear that this is not much," Oreshkin said.

"I’m ready to answer for the period that I spent in the Ministry of Economic Development, though I’ve been at the helm as Minister, for a short while. This time coincided with the global crisis, sanctions pressure. Many of the processes that we are now ‘rebooting’ have a lot of inertia. It is difficult to see the outcome right away, even more so for millions of our citizens, for them to feel the real effects," the Minister added.

According to the Russian State Statistics Service (Rosstat), in 2018 the growth of the Russian economy was 2.3%, in 2017 - 1.6%. Based on the forecast of the Ministry of Economic Development, in 2019 the country's GDP will increase by 1.3%.

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