Russia is likely to face a new economic crisis that might be transformed into a political one, Former Finance Minister Alexei Kudrin said Thursday, RIA Novosti reported.
Conditions that might lead to an economic crisis have already emerged but it will be possible to escape it if the investment climate improves, Kudrin said at the 10th annual Valdai International Discussion Club.
"We did not manage to create a favorable environment for investors. … The economic situation and business climate must be clear and predictable for them. It is obvious that it will take us several years to create such conditions," he said.
Kudrin said he could not specify the exact year when the crisis could happen. Russia is experiencing slow economic growth, while a crisis is defined as a zero growth rate and negative investment, he added.
"If a crisis does take place, it will trigger political consequences," Kudrin said.
Meanwhile, Kudrin, who is currently a member of Sberbank's supervisory board, may become head of its strategic planning committee instead of Economic Development Minister Alexei Ulyukayev, Vedomosti reported, citing a source familiar with the issue.
The strategic planning committee is in charge of analyzing the banking market's development.
The election of the new head of the committee will be held Friday, with four other candidates aspiring to the position.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
