Situation in the Crimea may cause zero GDP in Russia in 2014
Economic sanctions of the western countries in relation to Russia because of the situation in Ukraine can influence on the economic more, than the government of the country forecasted — increasing of the Russian economic in 2014 can not exceed 1% of GDP, or can be zero, declared Alexey Kudrin, presidium member of the Economic soviet under the President of the Russian Federation, on March 13.
A.Kudrin thinks that Russia can get intensification of the conflict with the Western countries. The are expected some sanctions, which will develop new challenges for the macroeconomy and investments to the country. Also, they will make influence on the domestic investors and on humor of the population.
According to him, there is expected reduction of financing of Russian enterprises by foreign banks. The expert estimated that the Russian corporate sector credited nearly 700 bln USD in foreign banks.
A.Kudrin said that the sum will decrease because a lot of credit lines would not be continued, and some collaborative projects will stop.
Also A.Kudrin brought into focus that in the current year the economic growth will total nearly 1.5%. And as a result of circumstances the GDP will be less than 1%, and even can reach zero.
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