Thursday, August 28, 2014
 
Follow sptimesonline on Facebook Follow sptimesonline on Twitter Follow sptimesonline on RSS
MOST READ



PARTNER NEWS



BLOGS



OPINION



WHERE TO GO?

The Romanovs in St. Petersburg

History of St. Petersburg Museum

Small Tragedy, Fatal Passion

Rimsky-Korsakov Apartment Museum

 

  Print this article Print this article

Economists and Officials Disagree On Recovery Forecasts

Published: February 24, 2014 (Issue # 1798)




  • Photo: For SPT

According to government predictions, state companies spending plans are likely to pull the economy out of stagnation toward the end of the year. Other economists, however, remain skeptical of these forecasts.

Figures for January released last week did not give grounds for optimism, and recent news reports have said that Russia may be headed into a recession.

Government officials remained hopeful despite State Statistics Service data showing that direct investment slumped 7 percent compared to the year before while analysts expected a 1.5 percent growth and retail sales growth slowed to 2.4 percent against 3.8 percent growth in December.

Unfortunately, the economy continues to stagnate, but we anticipate an end to this stagnation will come in the second or third quarter, said Deputy Economic Development Minister Andrei Klepach, PRIME Business News Agency reported Friday.

Several economists interviewed by The Moscow Times disagreed with his relatively rosy outlook.

Judging by the falling levels of investment and production output, we are likely entering a recession, said Valery Mironov, deputy head of the Higher School of Economics Center for Development Institute.

Related: Ruble Continues Fall, Lowest Level Since 2009

Usually a local recession lasts for two to three quarters. So in the third quarter we should be talking not about an end of stagnation but about coming out of a recession, which either has already started or will start soon, Mironov said.

One driver for the reverse trend, Klepach said, will come from state companies like Gazprom, which saw a sharp drop in investment two years ago.

Speaking before investors in Hong Kong, Finance Minister Anton Siluanov echoed the words of his colleague on Friday.

Pages: [1] [2 ] [3]






 


ALL ABOUT TOWN

Thursday, Aug. 28


Learn more about the citys upcoming municipal elections during the presentation of the project Road Map for the Municipal Elections being presented this evening in the conference hall on the third floor of Biblioteka at 21 Nevsky Prospekt. Steve Kaddins, a coordinator for Beautiful St. Petersburg, which gives residents an online forum to lodge complaints about infrastructure problems in the city, will be on hand to answer any questions. The meeting starts at 7 p.m. and is open to all.



Friday, Aug. 29


Park Pobedy will feature the sights and sounds of the world outside of Russia during the Open Art International Festival today. Taste foreign cuisine, learn how to make tea like the Chinese or relax in a hammock during the free event. Although entrance is free, you must register beforehand if you wish to attend.



Saturday, Aug. 30


Break out the tweed and channel your inner Englishman during the English Hunt Picnic this afternoon organized by the Bagmut stables from Krasny Bor in the Leningrad Oblast. Equestrian stunts, English archery and classic hunting fashion will all be available to visitors hoping to live like the characters in Downton Abbey if only for a day. Tickets for the event cost 7,900 rubles ($219.40).


Bookworms will have their chance to swap out well-read classics for something new for their bookshelves at Knigovorot, a free book exchange that will be held in the Yusupov Garden on Sadovaya Ulitsa today. Come for the chance to get a new book or take the opportunity to discuss the literary merits of your favorite authors with fellow fans.



Sunday, Aug. 31


The Neva Delta International Blues Festival wraps up this afternoon on Vasilevsky Island with a concert featuring not only some of Russias best blues bands but international stars as well. Admission is free for all three days of the festival, which begins on Aug. 29, and the shows starting at 5 p.m. each day.



Monday, Sept. 1


Today marks the beginning of Lermontov-Fest, a fall festival celebrating the life of one of Russias most remarkable poets who, in a fate eerily similar to Pushkins, was killed in a duel at the age of 26. Organized by the Lermontov Library System, the next several months will see art exhibitions, concerts and public lectures focusing on the Lermontovs short yet prolific career. Check the Lermontov Library Systems website for more details.



Tuesday, Sept. 2


Join expats and practice your Russian during the Russian Clubs weekly meetings every Tuesday night at 7:30 p.m. The club is free to participate in although you need to be a registered member of Couchsurfing.



Times Talk