Kudrin, who also served as the finance minister in Russia for a while, made evaluations about the country’s economy in his speech at the Law Council of Russia.
Expressing that the Russian economy is going through a difficult period, Kudrin said, “According to the conservative estimates of the Russian Ministry of Economic Development, the economy is expected to shrink by 12.4 percent at the end of the year. Inflation will be at the level of 20.7 percent according to the basic projections.” he said.
Pointing out that there are significant uncertainties in the economy, Kudrin said, “This crisis is bigger than 2009 and the epidemic period. We will live in a very difficult situation for about 2 years.” said.
Stating that the Russian government made a strategic decision to support the economy, Kudrin said, “This year, they will not implement the budget rule. This means that instead of transferring it to the National Welfare Fund, all additional income from oil and natural gas will be spent. According to estimates, 6.3 trillion rubles ( about $84 billion) will be spent to support the economy.” used the phrases.