Arab Today, arab today russia warns capital flight may push growth below 10
Last Updated : GMT 18:56:35
Arab Today, arab today
Arab Today, arab today

Russia warns capital flight may push growth below 1.0%

Arab Today, arab today

Arab Today, arab today Russia warns capital flight may push growth below 1.0%

Moscow - AFP

The Russian economy will fall far short of 1.0-percent growth this year if tensions driving capital out of the country continue, Deputy Economy Minister Andrei Klepatch said on Thursday. Speaking amid deep strains over the Ukraine crisis, he was quoted by Russian news agencies as saying "we can have growth substantially below 1.0 percent if we take into account trends in place now." The crisis over Russia taking control of Crimea and raising pressure on Ukraine has weakened the ruble, slowed investment sharply and ramped up the flow of capital out of the country. These factors are expected to result in the economy, which was already flagging, growing by far less than Russian authorities had forecasted. The economy ministry had counted on growth this year being 2.5 percent after 1.3 percent last year but is expected to revise this down in the next few days. The World Bank has estimated that if the crisis over Ukraine worsened, the outflow of capital could total $150 billion (109 million euros) this year and cause the economy to shrink by up to 1.8 percent. Klepatch said that the economy should grow by 0.8 percent in the first quarter on a 12-month comparison, ruling out the risk of a recession in the first half of the year, although the official figures have not yet been published. He said that the economy was still highly dependent on external factors, although less so than previously. "We have good foreign reserves, that is to say we are better prepared for fluctuations of exchange rates and other setbacks," he said. "But we observe a very big level of dependence of our economy  -- rate of growth of the private and banking sectors -- not only on world prices for oil but also regarding the situation arising from capital flight," said Klepatch. But concerning the level of debt by businesses and banks in terms of gross domestic product, the country is less dependent than in 2008, he noted. On Wednesday, Russia's central bank chief also warned that economic growth was likely to slow to less than one percent in 2014, lowering aprevious forecast. "Currently we believe that realising our prognosis on growth in 2014 that we presented last year is hardly probable," Central Bank chief Elvira Nabiullina said, Russian agencies reported.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russia warns capital flight may push growth below 10 Arab Today, arab today russia warns capital flight may push growth below 10

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russia warns capital flight may push growth below 10 Arab Today, arab today russia warns capital flight may push growth below 10

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel police detain 15 over campaign

GMT 14:19 2017 Monday ,23 October

Israel police detain 15 over campaign
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday