Ulyukayev told about the consequences of the “second oil shock” for Russia

The Minister Of Economic Development Alexei Ulyukayev

The “second oil shock”, i.e. the fall in oil prices in the first quarter of 2016, Russia is experiencing a much easier first, negative consequences for the country’s economy was “the most insignificant”, said the Minister of economic development Alexei Ulyukayev.

“The devaluation is very small, inflation is not only not increased, but reduced, and today we have reached a level of less than 8% of inflation for the corresponding period of last year, the key rate has not increased, but decreased, and for the real economy impact was the most minor,” explained the Minister, speaking during government hour in the state Duma (quoted by “Interfax”).

The speaker stressed that the Russian economy has demonstrated a high degree of adaptability to difficult conditions.

“We were able to reduce costs, focus on serious priorities, to make use of the factors that has never been used”, — explained the Minister.

Speaking about the prospects of the economy returning to growth, the head of the MAYOR noted that this can happen in the second quarter of this year.

“It is highly likely that the second quarter will show us a positive evaluation not only on the growth in industrial production and GDP,” Ulyukayev said (quoted by TASS), noting that by the end of January 2016 in Russia was marked by “positive dynamics of industrial production”.

In late February, the rating Agency standard & Poor’s downgraded the forecast of development of Russian economy in 2016. According to experts of Agency, this year Russia’s GDP will shrink by another 1.3%, whereas previously it was expected that the economy will be able to recover after the fall of the previous year (-3.7 percent) and will grow by 0.3%. Their forecasts have worsened and other representatives of the “big three” rating agencies: Fitch expecting GDP to 1.5% and Moody’s — 2.5%.

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