The OECD experts predict the inflation to reach 13 percent this year in Russia and decline to 10 percent only in 2009.
Photo: Dmitry Lekay
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OECD Calls On Putin to Be Moderate
The yesterday’s Economic Outlook of Organization for Economic Cooperation and Development (OECD) calls 2008 the year of anti-records and forecasts slowdown in developed nations’ economies to continue till 2009. OECD lashes out at Russia for its current macroeconomic policy and, along with the World Bank and IMF, urges the government to resume structural reforms and reject accelerating budget spending.
OECD releases its Economic Outlook twice a year, analyzing the major trends in economies of its members and of BRIC states and providing the mid-term forecast. The current report that covers the period till the end of 2009 doesn’t inspire optimism. It projects the GDP growth in OECD area to slow down from 2.7 percent in 2007 to 1.8 percent in 2008 and 1.7 percent in 2009.
As to Russia, its economic future doesn't appear bright. The OECD experts predict the growth in Russia’s GDP to sink from 8.1 percent in 2007 to 7.5 percent this year and to 6.5 percent in 2009. Inflation is projected to reach 13 percent this year and decline to 10 percent only in 2009.
The inflation outlook of Russia’s authorities is 10.5 percent for 2008 and 6.5 percent for 2009. Consumer prices went up 1.4 percent in May and increased 7.7 percent from early this year, Interfax reported yesterday.
According to the OECD experts, the revival of industrialization policy incurs the risk of expedient spread of high-price budget injections that may destabilize markets and are a waste of resources. No mater the outcome of the disputes in government, high prices for crude oil will be always a temptation for Prime Minister Vladimir Putin and his contingent, OECD projects.
www.kommersant.com
All the Article in Russian as of June 05, 2008
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