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Russian deputy PM sees up to four percent growth in 2015-16 - agencies
February 28, 2014 / 7:32 AM / 4 years ago

Russian deputy PM sees up to four percent growth in 2015-16 - agencies

MOSCOW (Reuters) - Russia’s annual economic growth rate could accelerate to four percent in 2015-16, thanks to measures taken by the government to stimulate the economy, Deputy Prime Minister Arkady Dvorkovich said on Friday.

A woman tries to clean the window of an unopened shop that is being prepared in a mall at the village of Esto Sadok at the Rosa Khutor alpine resort near Sochi, February 2, 2014. REUTERS/Kai Pfaffenbach

The Russian government approved a package of measures last year to stimulate economic growth, such as infrastructure projects, but has rejected significant monetary or fiscal stimulus.

“When adopting this package I didn’t count on us getting out of the crisis last year or even this year,” Dvorkovich was cited as saying by Russian agencies.

“The matter is 2015-16, when we can reach a growth rate of around 4 percent.”

Dvorkovich’s forecast is higher than official economic growth forecasts, which have been revised down amid a severe economic slowdown.

The Economy Ministry officially projects growth of 2.8 percent in 2015 and 3.3 percent in 2016, while the central bank has projected just 1.7-2 percent growth.

The Economy Ministry’s official forecast is for 2.5 percent growth in 2014, but it has said recently it expects to revise this downwards to around 2 percent.

Russia’s economy grew by just 1.3 percent in 2013, the lowest rate since an economic slump in 2009.

Reporting by Jason Bush; Editing by Lidia Kelly and Catherine Evans

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