Finance minister: economic recovery will take 4-5 years

Russia’s Minister of Finance Sergei Kudrin says it will take the Russian economy 4-5 years to recover from the financial crisis.

Talking to journalists in Kislavodsk today, Mr Kudrin said it would take up to five years for the Russian GDP to return to the pre-crisis level, Newsru.com reports with reference to Interfax. -This means that we will have less real incomes over the next 4-5 years, he said, adding that all spending programmes now should be adjusted to the new realities. Minister Kudrin stressed that he sees no reason to devaluate the rouble as long as the oil prices are on the current level.

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