Kremlin economist sees 'sustainable' growth from 2010

MOSCOW, Oct 21, 2009 (AFP) - Russia has not yet emerged from economic slowdown but expects a return to "sustainable" growth from next year, President Dmitry Medvedev's top economic adviser said Wednesday.

"So far there are no grounds to say that the crisis is over," Arkady Dvorkovich was quoted as saying by domestic news agencies.

"That said, talk of a 'second wave' is far from my mind," he told an economic conference. "We are hoping that after several months of stability we will shift to sustainable growth in 2010."

Dvorkovich admitted however that Russia still had "a rather long way to go" before that happened, due in large part to flat domestic demand.

The Russian economy, driven largely by exports of oil, gas and other commodities, was badly hit by the global financial crisis after enjoying years of strong growth.

Earlier this month, Medvedev said the country's gross domestic product would shrink 7.5 percent this year, while Prime Minister Vladimir Putin has put the expected decline at around eight percent.

Source: AFP

Other news