Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Kudrin Expects GDP to Dip

Former Finance Minister Alexei Kudrin believes a 3 to 4 percent decline in the country’s economy in 2013 is very likely, even though the authorities expect gross domestic product to increase next year by 3.8 percent.

Kudrin said it would be necessary to tap special support packets for the economy only if GDP fell by over 3 to 4 percent in annual terms. Kudrin said a 3 to 4 percent decrease in GDP would not be “critical.” “This is an unavoidable development during a cyclical crisis,” he said.