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Putin vows fast recovery from worst financial crisis
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RUSSIAN President Vladimir Putin yesterday tried to quell fears of economic collapse and vowed rapid recovery from the worst financial crisis of his rule but stressed that his position on Ukraine has not shifted.
Speaking at a news conference, the Russian leader said the economic downturn will last two years at most and promised to support the poorest section of the population.
However, he indicated that the economic gloom has not swayed his stance on Ukraine, accusing the West of behaving like an “empire” and even comparing Russia to a bear who is under attack and fighting for survival.
Following the ruble’s record fall in value this week, reaching 60 percent since the start of the year, Putin assured Russians that the economic downturn would last two years at most.
“It goes without saying that a way out of this situation is inevitable,” he said, promising to “focus attention on helping people who need it most.”
He added that efforts by the central bank and government — including a record hike of the key interest rate and spending billions to stabilize the ruble — have been “absolutely reasonable and in the right direction,” although they could have come quicker.
Putin had remained silent earlier this week on the ruble crash, which led Russians to rush to exchange their savings and splurge at stores to dump their devaluing currency ahead of expected price hikes.
The marathon news conference, held in a trade center in central Moscow, saw Putin face hundreds of journalists from all over Russia. Over 1,200 had signed up to attend, according to the Kremlin.
Putin admitted that Western sanctions over Moscow’s involvement in the conflict in Ukraine contributed “25-30 percent” to the current economic situation.
Russia’s state statistics agency said on Wednesday that real wages have declined in the first 11 months of this year for the first time in years.
Both the economy ministry and the central bank have warned of recession next year, with the latter saying the contraction could be up to 4.8 percent at current oil prices, with a recovery not expected until 2017.
Economy minister Alexei Ulyukayev told Vedomosti daily in an interview published yesterday that Russia’s economy was going through a “crisis” and conceded that there was no coherent plan on how to tackle it if oil prices do not rebound.
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