IMF: Russian recession more serious
The Russian GDP will in 2009 shrink by 0,7 percent, the International Monetary Fund (IMF) believes. That is more serious than the estimates of the Russian Ministry of Economic Development, but less than the forecasts of several Russian economists.
In its World Ecnonomic Outlook survey published on 28 January, the IMF forecasts a 0,7 percent recession in Russia this year. The negative figures come after the organization in November forecasted a 3,5 Russian growth in 2009.
The IMF figures are worse than the ones from the Russian Ministry of Economic Development, which believes the recession will be only 0,2 percent, Vedomosti reports.
Meanwhile several Russian economists believe the Russian economy will have even less growth than the IMF estimates. Among them is head economist in the Development Centre Valery Mironov who believes Russia will this year see up to 2,5 percent negative growth, Vedomosti writes.
At the same time, the Russian government is stepping up economic stimulation measures. Finance Minister Aleksey Kudrin this week informed that this year’s state tax and budget measures will have a value of more than 61 billion USD, RIA Novosti reports.
The Russian IMF forecast is still better than the one for the USA (-1,6%) and the Euro-area (-2,0%).
