16 Sep 2009 11:18

Economy has left acute phase of crisis; recovery may occur by 2012

MOSCOW. Sept 16 (Interfax) - The Russian economy has left the acute, "shock" phase of the crisis, although the crisis is not over and recovery may take several years, First Deputy Prime Minister Igor Shuvalov said.

"We are proceeding from the fact the acute phase of the crisis and the shock situation is behind us, but we are not saying that the crisis is over. We are saying that we have entered the recovery stage," Shuvalov said in an address to the State Duma on Wednesday.

"The most recent data indicates that the Russian economy is slowly, gradually, cautiously beginning to recover," he said, adding that the crisis is still not over.

"No one in the government believes that," Shuvalov said, adding that Russia's economic recovery might continue until 2012.