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Russian economy reacts to oil price fall better than others — economy minister

Maxim Oreshkin recalled that the Russian economy had switched to growth last year

MOSCOW, September 1. /TASS/. The Russian economy in many respects better than other economies reacted to the fall in oil prices thanks to correct measures taken by the government and the Central Bank, Economic Development Minister Maxim Oreshkin said during a conversation with high school students.

"If you look at other countries that also faced such challenges (oil price decline - TASS), Russia reacted best of all," he said.

As an example, the minister mentioned Brazil, where "the problems occurred a little earlier because of the fall in prices for iron ore."

"There, the economy fell by 4% for two years in a row, unemployment increased from 6% to 11-12%, and we had a smaller decline, and we did not have high unemployment," he explained.

Oreshkin added that it is impossible to avoid world economic crises, therefore, it is necessary to respond to such challenges correctly.

The minister recalled that the Russian economy had switched to growth last year. He assured the high school students that GDP growth will continue and will be 2-3% per year by the time they look for work. In addition, the ruble exchange rate will remain stable, Oreshkin added.