Thursday, February 26, 2009

Kudrin: Reduction of GDP in 2009 will inevitably


26.02.2009

The decline of Russia's GDP in 2009 is inevitable and will happen even if oil prices rise to $ 55 per barrel. The opinion was expressed by Finance Minister Alexei Kudrin on the board of the Federal Tax Service, passing in g.Aksakovo Moscow region.

"Even if the price of oil goes up, and will not be 41 dollars a barrel, and 44-50-55 of dollars, the GDP will still be falling. Today we see the global trend, and we strongly linked with him. Even in the next three years, we have not significantly increased in income than in the year "- causes the words Kudrin said.

The Minister of Finance stated that it is not expected in the near term, such as high oil prices, as in the past year. These prices and demand for oil over the next three to five years would not be ", - Kudrin acknowledged, specify that no one and could never accurately predict the trend in oil prices.

Head of financial department also said that housing prices in Russia will not return to pre-crisis levels even five to ten years. "These prices will not return, and a boom in the next 5-10 years will not be", - Kudrin said. "The price of square meter apartment in neelitnoy 15-20 thousand dollars was upholstered overheated. Now that the excitement was asleep, there was a correction in prices. And it is understandable that these prices will not return", - noted the Minister.

Kudrin also touched on macroeconomic issues and reported that in February of capital outflows from Russia have virtually stopped. According to him, on the basis of 2008 net capital outflows from the country amounted to about $ 130 billion in January 20009 year - about $ 40 billion "Those who wish to withdraw, did so, including Russian companies," - noted the Minister.

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