Russia cuts growth outlook to under 3%
Source: AFP |
March 29, 2013, Friday
|
Print Edition
Print Edition
RUSSIA'S economy ministry downgraded the annual growth forecast to under 3 percent from 3.6 percent amid growing signs the central bank is being primed to lower its key interest rate for the first time in six months.
Deputy Economy Minister Andrei Klepach said that "extrapolating from current figures, we will not be able to make 3 percent."
"For now, we are progressing substantially bellow the forecast" of 3.6 percent, he said in televised remarks.
Russia's economic slowdown has alarmed some top officials who have urged the central bank to act by cutting lending rates.
The Russian economy grew by 3.5 percent last year and President Vladimir Putin had set out a higher target amid signs that Europe may be slowly recovering from its latest financial crisis.
Deputy Economy Minister Andrei Klepach said that "extrapolating from current figures, we will not be able to make 3 percent."
"For now, we are progressing substantially bellow the forecast" of 3.6 percent, he said in televised remarks.
Russia's economic slowdown has alarmed some top officials who have urged the central bank to act by cutting lending rates.
The Russian economy grew by 3.5 percent last year and President Vladimir Putin had set out a higher target amid signs that Europe may be slowly recovering from its latest financial crisis.
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