Russia’s GDP Make Grow In 2Q

Russia says the country’s gross domestic product (GDP) may develop a growth trend as of the second quarter of next year.

“The GDP has been down since September,” Russian presidential aide Arkady Dvorkovich said. “It was on the descent before. It is too early to say a recession will begin, but the risk of it over the next few months remains considerable. An upturn and the GDP’s growth may be expected in the second quarter of next year.”

“The counter-cycle policy will be continued,” Dvorkovich said. “Budget spending on supporting demand will stay unchanged and the implementation of infrastructure projects stimulating domestic demand will be accelerated. The financial system will enjoy support. The stability of the financial system will remain the unconditional priority of the state.”

According to Dvorkovich, it is important to ensure the money that is being borrowed to provide short-term liquidity should be converted into long-term resources and continues to work in the economy. We have failed to do that so far, but we shall do our utmost to this end.” ❖