The Economy

Russia Expects 4%-5% Growth Next Year

Nov. 7, 2008

Depends on oil prices

If oil prices remain stable, Russia is likely to post economic growth next year of betwen 4% and 5%, Arkady Dvorkovich, a senior economic advisor to President Dimitry Medvedev said on Nov. 7.

The International Monetary Fund on Nov. 6 lowered its 2009 forecast for Russian growth to 3.5% from the 5.5% projection made on October 8.

Dvorkovich said that if "oil prices fell sharply, by half their present level for example, which in theory can't be ruled out, then I think the IMF figures are possible."

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