Presenting a crisis status report to the State Duma, Russia’s First Deputy Prime Minister Igor Shuvalov assured the legislators that the local economy had overcome the ‘most shocking’ phase of the global economic recession, thanks to the government’s anti-crisis measures, but to prevent the legislators from unfounded euphoria, quickly added that the end of the crisis is still far off. “The latest data imply that our economy has slowly and gradually started to recover from the global economic crisis, but full recovery to the pre-crisis level can extend up to 2012.”
Shuvalov attributed such extended recovery rate to the much deeper decline than the government had expected. “We had assumed that the economic decline will be about 2%, but it went to over 10%,” he said. “There could still be some deterioration, but we are exiting the worst crisis phase for recovery, which should be complete by 2012.”
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