Alexei Kudrin: We lose on the counter, you need to think of how to respond

The new head of the accounts chamber Alexey Kudrin considers that most economic counter-sanctions that have been imposed by Russia after sanctions of the USA, disadvantageous to Russia and Russian business.

“We will lose on this. Not because I don’t want to answer. But we are so connected now with the world market – dependence to 50% and more. We need a political action not an economic character,” he said may 24 at the forum.

Alexei Kudrin: We lose on the counter, you need to think of how to respondAlex Kodrantes/SPIEF 2018 To view in full size, click the mouse

According to ex-Finance Minister, in Russia very low growth rate of 1.5% per year, which is insufficient even compared with similar size countries such as Indonesia, for example, growing more than 5% per year and is in seventh place in the world largest economy. “Brazil is also growing at 2.5% growth. So that we can keep up. That’s why you need to use all mechanisms to increase the rate of growth,” the official said.

One of the ways to increase growth Kudrin believes the change in fiscal rule – increasing the cut-off price of oil, which begins to grow wealth Fund, with $ 40 to 45, and an increase in the marginal rate of budget expenditures by 0.5% of GDP. In his opinion, it will not cause shocks and leave the possibility of control of economic risks. “It is better to correct the budget rule, not to raise taxes. Is this dangerous for debt policy or provisioning? No, this is reasonable stuff. Need one time to adjust, and then keep. Smart politicians are more likely than drastic, he said. – This adjustment will provide additional growth opportunities”.

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St. Petersburg international economic forum (SPIEF) in 2018 is already traditionally held at Expoforum, but because of the world Cup at an earlier date – may 24-26. It is attended by the heads of state and government, including the head of France, the leaders of international companies. The theme of the forum 2018 "the economy of trust.” This year is expected to more than 15 thousand participants.

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