Dmitry Medvedev urged to prepare for the new economic reality – Russian newspaper

The costs of sanctions in 2015 could grow by several times – up to 75 billion euros, up 4.8 per cent of GDP. This was stated by Prime Minister Dmitry Medvedev, in his annual report on the work of the government in the Duma. He acknowledged that Russia has never faced such challenges as it is now called, and prepare for another economic reality in the preservation of sanctions and low oil prices.

“For the first time in the history of Russia after the collapse of the USSR and in general for all Russian history in the twentieth century and during the Soviet and post-Soviet, our country was under the influence of two external shocks – a sharp drop in oil prices and unprecedented hard sanctions pressure, – said the prime minister. – With this set of simultaneous calls we have never experienced. ”

The current decline in oil prices comparable with the failure of 1998, Medvedev said. Then the price dropped to $ 9 per barrel. “This reduction is comparable to the present – in view of the changing purchasing power of the dollar and a number of other economic indicators and factors,” – said Medvedev.

The sanctions also introduced the first time – the head of government counted about 10 sanctions waves. “The intensity of the latest wave of sanctions may be the most powerful. But that has developed such a negative multiplier, as economists say, when factors act simultaneously and reinforce each other – this has never happened before,” – he said.

” losses from restrictions imposed – significant, we will not hide them. According to some foreign experts, Russia has been damaged for a total of 25 billion euros – said the prime minister. – In 2015, it can increase several times. ” With 1.5 percent of GDP losses could rise to 4.8 percent.

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“Of course, the economic consequences” of the Crimean decisions “would be easier if our economy is not accumulated a number of internal problems that we did not have time to decide,” – declared the Prime Minister.

Medvedev said that the situation demanded that the government operational activities. So, to help the region has increased the amount of budget credits to the Federation from 150 to 310 billion rubles. These funds will be used, in particular, to reduce the cost of commercial loans. “He told in detail about other measures taken against the crisis. In particular, they have led to the stabilization of the situation in the currency market: the economy is gradually adapting to the floating exchange rate.

“can not relax, despite the fact that we were able to stabilize the situation,” – Medvedev called on all levels of government. After all, if the external pressure will increase, and at a low level will be stored in oil prices, Russia will have to live in the new economic reality. And it will check all of our strength, as they say, “in full”, warned the head of the government. However, he is confident that Russia will cope with the challenges.

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