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Gref: there are no signs of the recovery in the Russian economy

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Gref: there are no signs of the recovery in the Russian economy

Gref: there are no signs of the recovery in the Russian economy
October 07
14:00 2016

German Gref, the head of the largest state-owned bank in Russia, believes that the recovery of the Russian economy is not visible. Gref said that the government should reach the GDP growth rate of 5-6 per cent but not provide this rate at a near-zero level. In an interview with the TV channel “Russia 24” German Gref said: “Probably, there is no such a recovery and it is not going to happen soon.” “But there is a way out of the recession. It is obviously regarding all indications and the reports. This year the decline in GDP will be much lower than predicted by the majority of experts. We believe that it will be about minus 0.6 percent that, in general, is a rather good result,”- said the head of Sberbank.

The most recent forecasts from Sberbank, which were published within the IFRS reports for the first half of 2016, said that the Russian GDP would reduce by 0.5 percent that year. Gref said: “We believe that next year we’ll experience the growth. And now our aim is not to reach the positive growth trajectory near zero but to get the growth rate within 5-6 percent”.

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