Russia faces five years of economic stagnation, the country’s former finance minister warned President Vladimir Putin.
Speaking Tuesday at a round table discussion devoted to the 15th anniversary of Putin’s first presidential election victory in 2000, Alexei Kudrin predicted that Russia’s struggling economy will continue on its downward trajectory.
“We will emerge from the crisis into economic stagnation. Structural reforms were not done in time. This is the most serious challenge facing the president — a stagnating economy at least for the next five years,” he said, according to a report from Russian business news agency, RBC.
“From 2012 to 2018 economic growth will be 1.5 percent [per year], in the best case — 2 percent,” he added, warning that Russia was “stuck.”
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