Russia ‘Has All Chances’ to Avoid Economic Recession

MOSCOW, May 21 (RIA Novosti) – Russia “has all chances” to avoid economic recession, and the Russian government is doing its best to prevent it, Russian Prime Minister Dmitry Medvedev said in an interview published on Tuesday.

The Russian prime minister said in an interview with the Komsomolskaya Pravda daily that the global economy was on the verge of recession at the moment, so Russia needed a set of measures to boost demand and overcome negative economic tendencies.

“The government will fight with it [the recession]. And I think we have all chances to prevent it,” he said.

He said that the current official forecast of Russia’s economic development was “moderately optimistic” and envisaged the GDP growth of 4-5 percent, largely similar to last year’s estimated growth of 3.4 percent.

“Perhaps, this is not very much. But, at the same time, it’s much better than Europe’s figures,” Medvedev said.

The GDP fell by 0.2 percent in the euro area and by 0.1 percent in the whole European Union during the first quarter of 2013 compared with the previous quarter, according to flash estimates published by the EU statistical office Eurostat on May 15. In the fourth quarter of 2012, growth rates were -0.6 percent and -0.5 percent respectively.


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