Russian stagnation to last to at least 2020, warns Kudrin

Former Finance Minister Alexei Kudrin

Russian stagnation: By 2020, Russia’s share of global GDP will be the smallest in the country’s history, according to former Minister of Finance Alexei Kudrin. “We are doomed  to  GDP growth of between 0.5% and 1.5% after 2016,” he says in an interview in today’s Kommersant , “and that implies stagnation.” By 2020, he predicts Russia’s contribution to world GDP will be at an all-time low of 2.6%.
In the interview, Kudrin calls on the Kremlin to accelerate reform of the business  environment in order to diversify the economy.  “The main challenge for the government today is structural reform [in the fields of] budgetary, judicial, and law enforcement and the reform of state-owned companies. This is the only way to  reduce dependence on oil and provide access to sustainable growth.”

Source: Lenta