Russia’s First Deputy Prime Minister Igor Shuvalov assured the State Duma legislators during the Government Hour session in October that the economy had overcome the ‘most shocking’ phase of the global recession, thanks to the government’s anti-crisis measures, but quickly added that the end of the crisis was still far off in order to prevent the legislators from unfounded euphoria.
“The latest data imply that our economy has started to recover from the economic crisis, but full recovery to the pre-crisis level is expected only by 2012,” the first deputy prime minister said.
Shuvalov attributed such extended recovery to the much deeper economic decline. “We had assumed that this fall will be about 2% of GDP, but it went to over 10%. There could still be some deterioration, but we are exiting the worst crisis phase for recovery.”
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