Former Russian FinMin Says Country Faces 5 Years of Recession

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.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza