June 16, 2014 09:19
Current economic situation in Russia not stagflation - minister
MOSCOW. June 16 (Interfax) - The current economic situation in Russia cannot be characterized as stagflation, Economic Development Minister Alexei Ulyukayev said last week at a presentation of his book on the transformation of the global economy.
"I believe that the current situation cannot be called stagflation. It's not a matter of absolute figures, but dynamics. Stagflation is an economy that did not have high inflation and did not have low rates of economic growth, but for some reason entered this zone. This, for example, was the case with the American and European economies 40 years ago. They had low inflation, it became high inflation, there was strong growth, it became weak growth. For us, inflation of 6-7% is not high. That is, actually it is high, but it was preceded by even higher inflation. Therefore, this is a movement in the economy where growth is slowing and inflation is decreasing, not increasing. This is some new special phenomenon that is in some ways similar to what happens and in some ways a completely new economic reality," Ulyukayev said.
"I believe that in general these manipulations with terms aren't very useful," he added.
"The same as in the conversation about recessions - two consecutive quarters [of contraction] or not two consecutive quarters. Does two quarters less one day count or not? Well, we're falling into an excessive formalism here. But in any case, based on how I understand this, I believe that we don't have stagflation," Ulyukayev said.
He said risks that inflation will accelerate while economic growth remains weak "probably exist, but [they are] low."
"Our inflation will probably go down and will quite certainly go down," Ulyukayev said.
(Our editorial staff can be reached at firstname.lastname@example.org)
June 29, 2016
Russia's State Duma intl committee head says citing Agramunt that PACE may alter its country monitoring principles
Nikita Belykh goes on hunger strike in custody (Part 2)
Russian Foreign Ministry to make inquiry with Kyiv about number of Russians incarcerated in Ukraine (Part 2)
Kyiv calls on Donetsk, Luhansk to provide information on Ukrainian prisoners' whereabouts
Russia and Portugal agree to cooperate in promoting tourism
Social problems in Donbas must be urgently resolved - Sajdik
Most Russian Eurobonds extend gains on Wednesday
Nikita Belykh goes on hunger strike in custody
ECONOMIC DEVELOPMENT MINISTRY NOT RULING OUT REDUCTION OF FRUIT AND VEGETABLE PRODUCT PRICES AFTER RETURN OF TURKEY TO RUSSIAN MARKET
Federation Council is ready to resume inter-parliamentary relations with Turkey - Matviyenko (Part 2)
Investigators managed to restore timeline on day of Nemtsov's killing - Markin
Senators approve package of anti-terrorist laws (Part 2)
Resources Ministry to step up cooperation with Turkey