Putin: Russian economy will inevitably bounce back, 2 years in worst case scenario

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Russian President Vladimir Putin (RIA Novosti / Vladimir Astapkovich)

“The economic situation will force us to diversify our economy,” the Russian President said, adding that economic adaptation to low oil prices is inevitable.


Putin so far supports the actions the Russian central bank have taken to stem the ruble crisis, but criticized bank for not acting quickly enough.


“I believe the CBR and government are taking adequate measures on the situation. There are questions on the timeframe of the measures. On the whole, the direction is correct, ” he stressed.


On Monday night the CBR sharply increased its key interest rate to 17 percent to try and cap the ruble free fall, and on Wednesday it published a package of measures that are expected to stop the turmoil in the financial markets.


READ MORE: Russian Central Bank hikes key interest rate to 17% to halt ruble roil


In 2008, Russia along with the much of the rest of the world fell into recession, losing 7.8 percent of GDP in 2009. The Russian economy fared the crisis rather well, and the economy was back on track with 4.5 percent growth in 2010.


READ MORE: 1998 and 2014: Russian crisis in perspective






from RT - Daily news http://ift.tt/1x1Hpqx

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