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30 Dec, 2016 11:04

Russian economy to return to robust growth after next year – Kudrin

Russian economy to return to robust growth after next year – Kudrin

The former finance minister Aleksey Kudrin expects the Russian economy to grow slow and steady in 2017, before returning to strong growth in the years following.

“The Russian economy is recovering slowly; most probably we will have minimal yet positive growth rates at the beginning of next year,” he said in an interview with Rossiya 24 TV Channel.

Kudrin expects growth to exceed three percent in 2019 reaching four percent by 2021.

“Actually we set all our guidelines to achieve these targets, and all of our measures come from this,” he stressed.

This positive dynamics may attract foreign investment to different Russian projects, according to the former minister. However, investors do not have a sustainable and long-term interest in the Russian market due to unstable oil prices, which still weigh on the country’s economy.

“Oil prices remain volatile as they depend on various agreements, such as the recent production cut deal, or the failure to observe the agreements. At the same time, a wide range of factors has its impact on the decline. There is global overproduction and demand stagnation if the Chinese economic growth slows,” said Kudrin.

The Center for Strategic Research (CSR) headed by Kudrin is currently working on the final proposals for Russia's 2024 development strategy.

“The work on Russia’s development strategy is in full swing with a draft to be revealed early next year,” he said, stressing that various scenarios are being discussed with professionals, leading analysts and the government.