Increase in oil prices won’t speed up Russia’s economic growth – expert
Baku, Azerbaijan, Apr.17
By Anvar Mammadov - Trend:
Increase in oil prices to between $80-$100 per barrel won't lead to significant increase in the growth rate of the Russian economy, a Russian expert said April 17.
Currently, the Russian economy is among the weakest in the world, Sergey Drobyshevsky, scientific director of Gaidar Institute for Economic Policy said during the Islamic banking conference in Khazar University in Baku.
Drobyshevsky said the current situation in Russian economy is related to the decrease in oil prices and EU sanctions imposed on the country.
"As a result of the changes in oil prices and sanctions imposed due to the conflict in Ukraine, the growth rate of Russian economy dropped below 1 percent," said the expert. "Even the latest strengthening of the ruble shouldn't make us glad, since our economy needs global transformations."
Edited by CN
Follow the author on Twitter: @Anvar_Mammadov