Minister A. R. Belousov held a media briefing at APEC Leaders’ Week in Vladivostok
Information from news agencies following the briefing of Minister A.R. Belousov.
Vladivostok, September 4, 2012.
According to the Head of the Russian Ministry of Economic Development, the probability of a second wave of economic crisis is very low.
VLADIVOSTOK, September 4. /ITAR-TASS special correspondent Anastasia Savinykh/. The probability of a second wave of economic crisis is very low. That’s what the Minister of Economic Development of the Russian Federation Andrey Belousov told the journalists during an unofficial interview at APEC summit.
“In general terms, I think the probability of a second wave of economic crisis is low”, declared the Head of the Ministry. He pointed out that the situation in the USA is now quite sustainable. The same is true about China, though the Ministry of Economic Development forecasts a possible slowdown of economic growth rate of this country. According to Belousov, the economic growth will remain at 8 per cent.
“Today the slowdown of economic growth in Europe, in many European countries is, to a large extent, a consequence of the economic policy. These are entirely conscious actions. This is the result of budget consolidation,” the Minister noted. “This is not the crisis, not an economic recession in the way we understand it and witnessed in 2008-2009,” Belousov said. “The current situation in European and global economies drastically differs from that in 2008”. He expressed hope for that if no significant errors resulting in collapsing of some colossus are made, there is no sort of reason to anticipate an economic recession similar to the crisis of 2008-2009.
Head of the Ministry of Economic Development: “Budget Deficit of the Russian Federation in 2012 may be 0.5% of GDP”.
VLADIVOSTOK, September 4 - PRIME. The Head of the Ministry of Economic Development of the Russian Federation Andrey Belousov expects that the budget deficit for the current year will not exceed 0,5% of GDP, provided that the oil prices remain at 115 US dollars per barrel.
Answering journalists’ question on the level of the budget deficit that can be expected this year, he replied: “The budget may be almost non-deficit, or the budget deficit may be fairly minor – around 0.5%”.
As explained by the Minister, everything depends on oil prices. Such level of budget deficit is probable, if the oil prices remain at the current level of 115 US dollars per barrel.
Earlier the Head of the Ministry of Finance Anton Siluanov said that the budget deficit of the Russian Federation in 2012 may remain at the initially expected level of 1.5% of GDP, provided that an average annual oil price is less than 100 US dollars a barrel. At the end of August the Ministry of Economic Development decreased the forecasted average annual oil prices for the current year from 115 to 109 US dollars per barrel.
According to the recent amendments to the federal budget, adopted in May, after the oil prices expectation for 2012 reaching 115 US Dollars, the budget deficit has been approved at 0.1% of GDP, total federal budget revenue - at 12.677 trillion Russian roubles, and expenses – at 12.745 trillion Russian roubles.