Vienna, 30 November 20085 (RIA-Novosti):
Russia’s GDP is expected to grow 3 to 3.5 percent in 2009 despite declining world oil prices, Deputy Economic Development Minister Andrei Klepach said on Sunday. ”The fall of oil prices to 50 dollars (1,393 roubles. 39 euros. 32.50 UK pounds) per barrel will not generate a crisis. The Russian economy [in 2009] will be able to grow 3 to 3.5 percent and, in 2010, may reach the trend of 5 percent”, Mr Klepach said at a Russian economic and financial forum in Austria. In its transition report, the European Bank for Reconstruction and Development revised downwards its GDP growth forecast for Russia in 2009 from 6 percent to 3 percent. The EBRD also predicted that Russia’s GDP was expected to grow 7.3 percent in 2008. The EBRD said the rapidly-declining volumes of liquidity in the Russian financial system coupled with the absence of access to foreign sources of credit were the main sources of danger for Russia’s economic growth. Mr Klepach also said that the average price for Russian Urals crude is expected to be at 50 dollars (1,393 roubles. 39.25 euros. 32.50 UK pounds) per barrel in 2009, 55 dollars (1,533 roubles. 43.25 euros. 35.75 UK pounds) per barrel in 2010, and 60 dollars (1,672 roubles. 47.25 euros. 39 UK pounds) per barrel in 2011.
RIA-Novosti
http://en.rian.ru/russia/20081130/118616381.html (in English)
