Russia’s Ministry of Economic Development does not expect rapid economic growth between 2014 and 2015, Russian Deputy Economic Development Minister Andrei Klepach told the presidium of the Russian Academy of Sciences on Tuesday.
“There is a task to accelerate economic growth,” he said. “However, the current situation looks like there will be no high rates of growth between 2014 and 2015.”
“The years of 2016-2020 are in fact the years when we can significantly increase economic growth,” he added. “Without this, it will be impossible to address the issues of restructuring the transport sector, health care and education systems.”
Klepach noted that economic development was cyclic.
“We should take this into account,” he said. “We estimate that the further cyclic slowing of the world economy is to be expected between 2018-2019 and then around 2028. We should be prepared for it and keep in mind that such a crisis is always like high noon for the economy.