What will save the Russian economy?

One of the key topics at the forum in St Petersburg was the emergence of new growth points for the Russian economy, which is experiencing a slowdown. RBTH asked economists at the forum to comment on the raft of measures announced.

The Russian Ministry of Economic Development forecasts GDP growth of no more than 0.5% this year. Capital outflow, according to the Central Bank, will hit $85-90 billion for the year. Russian officials declared an interest in western capital, stressing that domestically the old growth incentives have been exhausted and that only the inflow of investment can push the country out of recession.

In addition, import substitution was named as another economic stimulus. Russia plans to increase the share of value-added industrial output, cultivate a large part of consumable agricultural produce, and then proceed to export it in greater volumes, primarily to China.

Watch more: SPIEF through participants' eyes

Read more: Conclusions of the ST. PETERSBURG INTERNATIONAL ECONOMIC FORUM

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