The economic downturn will happen if oil prices fall below $ 60 a barrel, said Anton Siluanov
The Russian economy will go into recession in 2015, provided that the prices oil will fall to $ 60 a barrel. About this Finance Minister Anton Siluanov said in an interview with Bloomberg. See also: Full readiness of the Russian economy even “catastrophic” scenario
At a time when the price of Brent oil has stabilized at levels below $ 80 a barrel after a decline of almost 35% this year, while international sanctions are still in force, economic growth in Russia will not exceed 1% in 2015, said Siluanov. “The recession is inevitable in 2015, if the situation deteriorates – the minister said. – If oil prices fall to $ 60 per barrel, the economy will show negative growth ».
The government will have to take a more rigorous approach to the budget and to” use all our tools to deal with the crisis, “Finance Minister believes. “We will have to adjust our priorities budget strategy. All social obligations are fulfilled, no one plans to revise them, but the priorities of the second level will be deferred “- warned the financier.
The decline in oil prices and the economic downturn will not be as severe as it was in 2008-2009 years, convinced Siluanov. “The growth will be restored after the economy adapts to new conditions”, – predicts the Minister. “Reducing the price of oil to $ 70 a barrel, or maybe up to $ 60 per barrel, there will be long-term trend – says Siluanov. – Most likely, the price will range from $ 80 to $ 90 a barrel next year ».
Russian President Vladimir Putin said on November 14 that the country is preparing for a potentially catastrophic collapse in oil prices. The government is considering a variety of scenarios, assured the head of state. It is ready to print reserves the deterioration of economic conditions, but does not intend to “shoot them thoughtlessly,” the president stressed.
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