10 Aug 2009 18:51

Russian economy will need 4-5 yrs to recover in real terms

KISLOVODSK, Russia. Aug 10 (Interfax) - It will take four to five years for the Russian economy to recover in real terms, Deputy Prime Minister and Finance Minister Alexei Kudrin told journalists in Kislovodsk on Monday.

"I think it could take four to five years to return to the previous level of GDP in real terms and for the economy to recover from the decline of about 8.5% to be seen this year. Growth of 1% is already planned for 2010. This means that we will have less revenue in real terms over these four to five years. This means that we should calculate our programs for a period of four to five years and not for one year," Kudrin said.