Economic crisis in Russia hasn
MOSCOW. Oct 21 (Interfax) - The economic crisis in Russia hasn't ended but a second wave of the crisis is unlikely, presidential advisor Arkady Dvorkovich said at a UBS conference in Moscow on Wednesday.
"We are still a long way from steady growth, due to the lack of growth in domestic consumer demand," he said.
"There are no grounds to say that the crisis has ended. Nonetheless, I am far from believing there will be a second wave of the crisis," Dvorkovich said.
The Russian economy might achieve steady growth as early as next year, Dvorkovich said, at the same time he warned against "complacency." The measures approved last year only started to have an impact in the latest two-three months. "If they had started working earlier, than the recovery from crisis might have come sooner," he said.
The decline in Russia's economy correlates with the decline in the developed countries, not emerging markets, he said. "Russia is not a developing market, it is a G8 country, and the decline in Russia correlates with the decline in the developed countries," he said.
Dvorkovich disputed the idea that an overheated economy, whose effects some observers say were evident before the crisis, led to a bigger economic decline. "I don't think the economy was overheated prior to the crisis. We had not achieved our economic growth potential. There may have been overheating inside Moscow's Garden Ring, but not in the country overall," he said.
The main cause of the substantial decline was falling demand for metal product on export markets, a lack of competitive markets inside Russia and the "corruption component," he said.