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Putin: Situation in Russia’s economy may start improving already this year

January 26, 18:02 UTC+3
Combination of the budget deficit lower than expected, availability of good reserves, and low debt level — all that creates favorable conditions, the Russian president says
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Russian President Vladimir Putin and Economic Development Minister Alexey Ulyukayev

Russian President Vladimir Putin and Economic Development Minister Alexey Ulyukayev

© Mikhail Klimentyev/Russian Presidential Press and Information Office/TASS

MOSCOW, January 26. /TASS/. Russia has conditions for the economic recovery to start already this year, Russian President Vladimir Putin said on Tuesday at the meeting with the Economic Development Minister Alexey Ulyukayev.

"Combination of the budget deficit lower than expected, availability of good reserves, and low debt level — all that creates favorable conditions to expect the situation will improve this year," Putin said.

Reserves of the Bank of Russia remain high, the minister said in his turn. "This created the macroeconomic stability situation properly assessed by all market participants," Ulyukayev said.

The deepest part of the recession lasted by the end of the second quarter in the last year and positive developments appeared thereafter, Ulyukayev added.

"A sound base was laid indeed and we need to prudently manage it. It seems to me we may be cautiously optimistic at the beginning of the year," Ulyukayev said.

Positive surplus of the trade balance was about $145 bln at 2015 year-end, slightly smaller than in prior years because of the exchange rate changes, the minister said. "Physical volumes did not decline," he added.

"The balance of the current account of the payment balance slightly grew and turned to be even better than in our outlooks. This is because the services account declined significantly. Broadly speaking, our citizens stopped leaving their money in Turkey, Egypt, and certain other countries and started spending them in Sochi, Crimea, and other Russian regions," Ulyukaev said.

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