Putin says Russia prepared for any economic situation

18 December 2015 05:06 am - 0     - {{hitsCtrl.values.hits}}

A A A

AFP: President Vladimir Putin said yesterday Russia was prepared to face any economic situation as the country’s energy-dependent economy reels from lower oil prices.
“The government, of course, is preparing scenarios for any development of the situation,” Putin said at his annual press conference in Moscow.
Putin said Russia had calculated its 2016 budget based an oil price of $50 per barrel, a figure he said was an “optimistic” assessment of the situation as the Brent hovered around $37 on Thursday.
The slide in oil prices which have tumbled since the start of the month along with Western sanctions have battered Russia’s economy and heavily devalued its currency.
But despite a downward trend in oil prices, the Russian government will not rush to adjust its budget, Putin said.
“Volatility [in oil prices] is very high,” Putin said “We will not hurry to recalculate and make adjustments to the budget because it entails a reduction in funding and in the social sphere and the real sector.”
Putin said Thursday that the peak of Russia’s economic crisis had passed and that there were signs of “stabilising business activity” starting in the second quarter.
He said the government was expecting economic growth of 0.7 percent for next year and 1.9 percent in 2017.
Putin said last December that Russia’s economic woes “under the most unfavourable world conditions” would last two years.

  Comments - 0


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Kidneys that whisper death

A flute version of Beethoven’s ‘Für Elise’ was echoing from a distance

Burning Panamanian tanker leaves SL authorities gutted

Weeks after MV Wakashio, a Japanese-owned bulk carrier, ran aground a coral r

New Diamond on Fire

The fire has been contained, now where will the oil go?

ILLEGAL AUSTRALIAN DRUG REHAB

To have received her son’s death certificate on the day she brought him to